MATH
posted by TYRONE .
Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it financially critical to maintain a credit score of 700 or higher. How much more interest would you pay on a $195,000 home if you put 20% down and financed the remaining with a 30year mortgage at 6% interest compared to a 30year mortgage at interest?

Loan amt. = 0.8 * 195,000 = $156,000
P = Po*r*t/(1(1(1+r)^t)
r = (6%/12)/100% = 0.005 = Monthly % rate expressed asva decimal.
t = 30yrs * 12mo/yr = 360 Months.
P1 = (156000*0.005*360)/(11.005^360) =
$336,707.57
I = PPo =
P2 = (195000*0.005*360)/(11.005^360) =
$420,884.47
I = P2Po 
Correction:
P = (Po*r*t)/(1(1+r)^t).
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