What is the total cost to repay a $150,000 mortgage with a 5% interest rate
for a 30-year term?
1 answer:
There is a total loan cost formula: number of payments = 12 * 30 = 360 where rate = MONTHLY loan rate = .05/12 =
<span>
<span>
0.004166666666666670
</span>
</span>total = rate * principal * number of payments / (1-[(1 +rate)^-n] total = (<span>
<span>
0.004166666666666670
</span>
</span>
* 150,000 * 360) /
1 -[((1 +rate)^-n)] total = (<span>
0.004166666666666670
</span>
* 150,000 * 360) /
1 - ((1.004166666666666670)^-360) total = 225,000 / (1 -
<span>
<span>
<span>
0.223826595641353) </span></span></span>total = 225,000 /
<span>
<span>
<span>
0.776173404358647 </span></span></span> <span><span>total = 289,883.68
</span>
</span>
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