What would the interest be?

Question

anonymous · Answer

Jack will pay a monthly payment of $1,149.02 on a fixed rate mortgage over 25 years. What is the total principal and interest for the life of this mortgage rounded to the nearest dollar?

anonymous · Answer

I klow how to solve

anonymous · Answer

I just want to know what I would plug in to get my interest. Ususally it gives me an interest.

campbell_st · Answer

find the number of months in 25 years... 

then multiply by the amount of the repayment... 


this is the total of principal plus interest

anonymous · Answer

oK Im confused because I know 25x12 = 300 time 
the principal is = 11490.02 
But what would I plug into my formula as I= I/n

campbell_st · Answer

no... the interest repayment is $1149.02 per month.... find the principal and interest for the life of the loan..is the question

anonymous · Answer

Yes, but how would I do that?

anonymous · Answer

Would It be 28,725

campbell_st · Answer

its 25 x 12 x 1149.02 =

anonymous · Answer

Oh I thought you didn't have to multiply the 12

anonymous · Answer

thanks

campbell_st · Answer

its a payment every month for 25 years.... hence per month