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OpenStudy (anonymous):
Suppose you purchase a home and obtain a 10-year loan of $170,000 at an annual interest rate of 5.0% . Find the amount of interest that will be paid on the loan over the 10 years.
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OpenStudy (dumbcow):
can you use a finance calculator?
OpenStudy (amistre64):
assume compounded annually 170(1.05)^10
OpenStudy (amistre64):
- 170 :)
OpenStudy (dumbcow):
oh ok, i was assuming monthly payments
OpenStudy (amistre64):
106.91 is what i get
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OpenStudy (dumbcow):
with monthly payments you end up paying 46,373.20 in interest
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