What would be the total amount paid for this loan?
Home Price: $339,000 USD
25 year loan with a 3% annual interest rate
15% down payment of selling price
Ans $ 413696.03
Loan = | Cost- Downpayment |
339000 - 15%*339000 | |
288150 | |
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
P = | 3% * 288150 |
1 - (1 / (1 + 3%)^25)) | |
P = | 8644.5 |
0.522394431 | |
P = | 16547.841040 |
Total Amount paid for loan = | EMI * NO of EMI |
16547.841040 * 25 | |
413696.03 |
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