Homework Help: math

Posted by jason on Thursday, August 3, 2006 at 7:26pm.

Say i have a mortgage of 200,000. One bank offers 5.oo%. The other offers 5.23% How do i calculate the interest paid over say 5 yrs. thanks

You haven't given us enough information to calculate the interest.

You need to know how much you're paying each year on your mortgage. Your interest the second and succeeding years will vary depending upon how much of the principle you pay each year. If you've paid off $5,000 of the principle in the first year, your interest costs will be different than if you've paid off $10,000 the first year.

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