Brady has a 20-year fixed rate mortgage for $215,500 with monthly payments of $1,305.89. The annual interest rate is 4%. What is the total cost of the principal and interest for this loan rounded to the nearest dollar?

Question

amistre64 · Answer

$$B_n=B_o(k)^n-P\frac{1-(k)^n}{1-k}$$the total amount paid will most likely just be the P part of it

amistre64 · Answer

http://www.wolframalpha.com/input/?i=215500%281%2B.04%2F12%29%5E%2812*20%29-1305.89%281-%281%2B.04%2F12%29%5E%2812*20%29%29%2F%281-%281%2B.04%2F12%29%29

amistre64 · Answer

the total payments made amount to: P*20*12 = 313,413.60

subtract the loan amount and the rest is amount paid in interest