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OpenStudy (anonymous):
Henry has a fixed rate mortgage of $171,000 at 7.3% for 15 years. The monthly payments are $6565.45 How much will Harry pay in interest after 15 years? I got $464,781
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OpenStudy (anonymous):
@Ilovecake
OpenStudy (anonymous):
@amistre64
OpenStudy (ilovecake):
Yeah that is correct. :D
OpenStudy (amistre64):
since total payments = principal + interest we can solve for interest
OpenStudy (anonymous):
Wow, thank you :)
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OpenStudy (ilovecake):
Your Welcome. :D
OpenStudy (amistre64):
12*15*P = 171k + i 12*15*P - 171k = i = 1,010,781 thats some huge payments ... you sure its 6000+ a month?
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