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The Johnson family is planning to buy a home. They have some money for a down payment already. They see a home they like and compute that they would need to borrow $213,000 from a bank over a 30-year period. The APR (interest) is 6.75%. What is the monthly payment, to the nearest cent (Google “mortgage calculator” and use it to calculate the monthly payment)? What is the total of all of the monthly payments over the 30 years? What is her total interest for the 30 years?

Respuesta :

Sally2020

Answer:

1) Monthly pmts (R) =?

R=An*i : [1-(1+i)^-360]

R=213,000*0.0675/12 : [ 1 - (1+ 0.0675/12)^-360]

=$ 1,381. 51

2) Totoal monthly pmts = $ 497,345.02

3) Interest =$ 284,345.02

Explanation:

An=213,000

t=30 yrs,

j=6.75%

m=12

---> i=j/m, i=0.0675/12

---> n=mt, n=12*30,n=360

find

1) Monthly pmts (R) =?

R=An*i : [1-(1+i)^-360]

R=213,000*0.0675/12 : [ 1 - (1+ 0.0675/12)^-360]

=$ 1,381. 51

2)Total monthly pmts (contribute amount)=?

Total monthly pmts =n * R,

=360*1,381.51

=497,345.02

3) Interest= nR-An

=497,345.02 - 213,000

=284,345.02

Answer:

M≈ 986.40

$355104

$142104

Explanation:

Monthly payment= {P(r/12)(1+r/12)^12t}/{(1+r/12)^(12t)-1}
M = {213000(0.0375/12)(1+0.0375/12)^12(30)}/{(1+0.0375/12)^(12(30)-1}
M≈ 986.40

Total monthly payments for 30 years=986.40 x 360 = $355104
Total interest for the 30 years= 355104 /213000 = $142, 104

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