You can afford a $1050 per month mortgage payment. You've found a 30 year loan at 7% interest.

Mathematics

1 answer:

anyanavicka [17]3 years ago

8 0

9514 1404 393

Answer:

loan: $157,823
repaid: $378,000
interest: $220,177

Step-by-step explanation:

For a loan value of 1, the monthly payment on a 30 year loan at 7% is ...

A = (0.07/12)/(1 -(1 +0.07/12)^(-12·30)) ≈ 0.00665302495

Then the amount repaid after 360 payments is ...

360A = 2.39508898 . . . times the principal amount

a) For a monthly payment of $1050, the principal can be ...

$1050/0.00665302495 ≈ $157,823

b) The amount repaid to the loan company is ...

$157,823×2.39508898 ≈ $378,000

c) The amount that is interest is ...

$378,000 -157,823 = $220,177

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