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13 January, 19:47

Jackie Swain obtains a $65,000 loan on her home. The principal and interest payments are based on a factor of 8.05 per $1,000. The loan is for 30 years at 9%. How much does Jackie pay in total interest over the life of the loan?

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  1. 13 January, 20:08
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    total interest paid = $123,370

    Explanation:

    given data

    loan = $65,000

    factor = 8.05 per $1,000

    time = 30 year = 30 year * 12 months = 36 months

    rate = 9% = 0.09

    solution

    first we get here payments on principal and interest for factor 8.05 per $1,000 will be

    payments on principal and interest = $65 * 8.05

    payments on principal and interest = $523.25 per month

    payments on principal and interest = 523.25 * 360 months

    payments on principal and interest = $188,370

    so total interest paid will be

    total interest paid = $188,370 - $65,000

    total interest paid = $123,370
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Home » Business » Jackie Swain obtains a $65,000 loan on her home. The principal and interest payments are based on a factor of 8.05 per $1,000. The loan is for 30 years at 9%. How much does Jackie pay in total interest over the life of the loan?
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