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March 26, 2015

Homework Help: math formulas

Posted by stephy on Friday, January 21, 2011 at 11:08am.

4. Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 9%/a, compounded monthly.

Determine how much interest she will pay for her loan.

h. How much would Vanna have saved if she had obtained a loan at 7%/a, compounded monthly?

Can anyone give me the formulas please ? I can do the rest myself...

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