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28 November, 15:57

Kandy is financing a $335,000 mortgage for 30 years at a fixed rate of 7.5% what is the total cost of the principal and interest after 30 years?

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  1. 28 November, 16:11
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    Given:

    F = $335,000

    n = 30 years at a fixed rate of i = 7.5%

    Required:

    the total cost of the principal

    Solution:

    F = P (1+i) ^n

    P = F / (1+i) ^n

    P = 335,000 / (1.0.075) ^30

    P = 38,264.05
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