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Lady_Fox [76]
4 years ago
10

Andrew is financing a condominium for $543,000. He gets a 30-year, fixed rate mortgage with a rate of 5.475%. How much interest

will he pay over the life of his loan? Round to the nearest dollar
Mathematics
1 answer:
Irina18 [472]4 years ago
8 0

Answer:

$563 850

Step-by-step explanation:

A. <em>Monthly payment </em>

The formula for the monthly payment (P) on a loan of A dollars that is paid back in equal monthly payments over n months, at an annual interest rate of i % is

P = A(\frac{i}{1-(1+i)^{-n}})  

<em>Data: </em>

We must express the interest rate on a monthly basis.

i = 5.475 %/yr = 0.456 25 %/mo = 0.004 5625

A = $543 000

n = 360 mo

<em>Calculation: </em>

P = 543 000(\frac{0.004 5625}{1-(1+0.004 5625)^{-360}})  

P = \frac{2477.34}{{1- {1.004 5625}}^{-360}}

P = \frac{2477.34}{1 - 0.194 220}  

P = \frac{2477.34}{0.805 780}  

P = $3074.583

B. <em>Total Payment (T) </em>

T = nP

T = 360 × 3074.583

T = $1 106 850

C. <em>Total Interest (I) </em>

I = T – A

I = 1 106 850 – 543 000

I = $563 850

Andrew's total interest is $563 850.

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