my house payment is 800 dollars a month @ 5.5 % interest for 30 years
at the end of 30 years ,how much would i pay ?
I'm assuming the $800 includes 5.5% int.
Pt=$800/mo * 12mo/yr * 30yrs=$288000 = Total Amt. paid.
Po = $140897.41 = The Amt. borrowed and calculated using the Eq below.
Pt = (Po*r*t) / (1 - (1 + r)^-t).
Pt = Total amt. paid at the end of 30 yrs.
r = (5.5% / 12) / 100% = 0.0045833 = monthly int.rate expressed as a decimal.
t = 12mo/yr * 30yrs = 360mo.