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?

Question

Mathematics

Papa

4 March, 02:29

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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Answers (1)

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Braelyn Mcdonald · Answer 1

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