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April 17, 2014

April 17, 2014

Posted by **allison** on Friday, February 3, 2012 at 4:48pm.

- Bus Finance -
**Reiny**, Friday, February 3, 2012 at 5:18pmbalance after downpayment = 125000

i = .035/12 = .002916666... (I stored in memory of calculator)

n = 180

125000 = paym (1 - 1.002916666..^-180)/.00291666

payment = 893.60 , you are correct.

take it from there, that was the hard part

- Bus Finance -
**allison**, Friday, February 3, 2012 at 7:35pmto continue. it asks how much in total you will pay over the 15 years based on mortgage and down payment. I used the (893.60*12)(15)+40,000=200848.00. It then asks what portion of that is interest. I used the 200848.00FV 125000PV 180N with the I/YR=3.17%.

- Bus Finance -
**Reiny**, Friday, February 3, 2012 at 8:12pmsince we paid back a total of 200848 on the original loan of 165000, the difference, or 35848 must have been interest.

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