Question

Danielle bought a house for $215,000. She financed $189,375 of the purchase price with a 15-year, fixed-rate mortgage with a 6.15% interest rate. What is the total cost of the principal and interest after 15 years?

$335,317.05

$290,419.20

$329,716.80

$295,351.95

Answer 1

is this...annuities?

Answer 2

no

Answer 3

Compounddd interest??

Answer 4

total cost of the principal and interest

Answer 5

$189,375-is that per year?

Answer 6

i believe so..

Answer 7

you got any formulas?

Answer 8

i wish i did!!

Answer 9

teacher didn't provide anything? shucks...

Answer 10

ello?

Answer 11

nada

Answer 12

maybe..use the annuity formula?

Answer 13

annuity formula+ principal. That's what I imagine this question to be like.

Answer 14

well...I guess mortgage is another formula of annuity, but with a specified unit. Maybe check it out>?

Answer 15

i'll try it

Answer 16

awesome. contact if you need anythign then

Answer 17

iight thanks