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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

What is the monthly payment and total interest on an $85,500 mortgage at 4.5 % for 25 years?

To determine

To calculate: The monthly interest and total interest on an amount issued as credit at a rate of interest 4.5% for sa period of 25 Years.

Explanation

Given Information:

The information given in the question is the Principal amount, rate of interest and the period. By using this, the monthly payment and the interest amount are to be estimated.

Formula used:

Monthly interest can be calculated by using the following formula and computed as shown below:

Monthly Payment=No of 1000s×Tablefactor

The total interest can be calculated by using the following formula:

Total Interest=(MonthlyPayment × No of Payments)Amount Financed

Calculation:

The number of thousands in the principal amount in the principal amount is calculated in the following manner:

No of 1000's financed=855001000=85.5

And,

Table factor for 4.5% for 25 Years=5.56

Monthly interest can be calculated by using the following formula and computed as shown below:

Monthly Payment=No of 1000s×Table factor for 4

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