Contemporary Mathematics for Busin...
Solutions
Contemporary Mathematics for Busin...
What is the monthly payment and total interest on an $85,500 mortgage at
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.
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:
The total interest can be calculated by using the following formula:
Calculation:
The number of thousands in the principal amount in the principal amount is calculated in the following manner:
And,
Monthly interest can be calculated by using the following formula and computed as shown below:
Chapter 14 Solutions
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