Question

with a selling price of $95000 and a down payment of $20000, and a mortgage at 10% for 30 years, calculate the total cost of interest

Answer 1

Annual Amortization Schedule
Year	Beginning Balance	Interest	Principal	Ending Balance
1	$75,000.00	$7,481.23	$416.93	$74,583.09
2	$74,583.09	$7,437.56	$460.60	$74,122.53
3	$74,122.53	$7,389.36	$508.80	$73,613.73
4	$73,613.73	$7,336.08	$562.08	$73,051.67
5	$73,051.67	$7,277.22	$620.94	$72,430.74
6	$72,430.74	$7,212.20	$685.96	$71,744.80
7	$71,744.80	$7,140.37	$757.79	$70,987.03
8	$70,987.03	$7,061.02	$837.14	$70,149.91
9	$70,149.91	$6,973.37	$924.79	$69,225.13
10	$69,225.13	$6,876.54	$1,021.62	$68,203.51
11	$68,203.51	$6,769.56	$1,128.60	$67,074.92
12	$67,074.92	$6,651.37	$1,246.79	$65,828.16
13	$65,828.16	$6,520.80	$1,377.36	$64,450.84
14	$64,450.84	$6,376.60	$1,521.56	$62,929.29
15	$62,929.29	$6,217.28	$1,680.88	$61,248.42
16	$61,248.42	$6,041.26	$1,856.90	$59,391.54
17	$59,391.54	$5,846.83	$2,051.33	$57,340.22
18	$57,340.22	$5,632.04	$2,266.12	$55,074.11
19	$55,074.11	$5,394.74	$2,503.42	$52,570.70
20	$52,570.70	$5,132.60	$2,765.56	$49,805.15
21	$49,805.15	$4,842.99	$3,055.17	$46,750.01
22	$46,750.01	$4,523.09	$3,375.07	$43,374.95
23	$43,374.95	$4,169.69	$3,728.47	$39,646.49
24	$39,646.49	$3,779.26	$4,118.90	$35,527.61
25	$35,527.61	$3,347.95	$4,550.21	$30,977.42
26	$30,977.42	$2,871.50	$5,026.66	$25,950.77
27	$25,950.77	$2,345.14	$5,553.02	$20,397.77
28	$20,397.77	$1,763.66	$6,134.50	$14,263.29
29	$14,263.29	$1,121.31	$6,776.85	$7,486.46
30	$7,486.46	$411.69	$7,486.47	$0.00
	Total Interest Cost	$ 161,944.32