finance
posted by tj on .
You take out a 30 yr mortgage loan, purchase price is $120,000 put $20,000 down and finances the balance of $100,000 at fixed annual loan rate of 12%, what will be your monthly payment? How much total interest will you have paid at the end of 30 years?

Pt = Po*r*t/(1(1+r))^t.
r = (12%/12) / 100% = 0.01 = Monthly %
rate expressed as a decimal.
t = 30yrs * 12mo/yr = 360 Months = Length of lan.
Pt = (100,000*0.01*360)/ (1(1.01)^360)= 360,000/0.97218331 = $370,300.53.
= Tot. Pd after 30 yrs.
Monthly(I+P)=370,300.53 / 360=$1028.61.
Tot. Int = Pt  Po=370,300.53100,000 =
270,300.53.