Homework Answers
Loan amount = Present value of future monthly payments = monthly payment * [1-(1+i)^-n]/i
i = interest rate per period
n = numbber of periods
=>
loan amount = 684 * [1-(1+0.057/12)^-180]/(0.057/12)
= 82635.13
a)
selling price of house = 11914 + 82635.13
= 94549.13
b)
total interest paid = 684*180 - 82635.13
= 40484.87
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