Question

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

Answer 1

@Ilovecake

Answer 2

@amistre64

Answer 3

Yeah that is correct. :D

Answer 4

since total payments = principal + interest

we can solve for interest

Answer 5

Wow, thank you :)

Answer 6

Your Welcome. :D

Answer 7

12*15*P = 171k + i

12*15*P - 171k = i = 1,010,781

thats some huge payments ... you sure its 6000+ a month?