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March 27, 2015

March 27, 2015

Posted by **martin sostre** on Monday, November 29, 2010 at 9:04pm.

- math -
**Reiny**, Monday, November 29, 2010 at 10:02pmI looked at the solution that MathMate gave you.

I would have done it the same way.

In this day and age interest would be calculated by compounding.

If you want simple interest then the problem is even easier

interest for the 17 years = 15000(.12)(12) = ....

add that to 15000

- math -
**martin sostre**, Tuesday, November 30, 2010 at 2:17amthanks again for your answer to my question about a 15000 mortgage at 12%interest on which no payments were ever made for 17 years.your answer for smple interest (since n.j. prohibits compound interest)was "interest for the 17 years=15000(.12(12)= add that to 15000 i don't understand what(.12)(12) means so i cannot add that to 15000.excuse me for being math ignorant.

- math -
**MathMate**, Tuesday, November 30, 2010 at 6:45amIt was probably a typo, make that:

interest for the 17 years = 15000(.12)(17)

which is equivalent to $1800 a year for interest.

- math -
**martin sostre**, Tuesday, November 30, 2010 at 6:21pmthanks, igot it now. one more question: how many states prohibit compounding interest rates in mortgages?

- math -
**martin sostre**, Tuesday, November 30, 2010 at 6:56pmhow many states in the u.s.a. prohibit compouding interest in mortgages?

- math -
**martin sostre**, Tuesday, November 30, 2010 at 9:24pmhow many states in u.s.a. prohibit compound interest in mortgages?

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