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Mathematics 16 Online
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

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 :)

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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