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03-04-2010, 08:59 PM
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Mortgage problem finance?
You have just taken out a 15-year, $375,000 mortgage on your new home. This mortgage is to be repaid in equal end-of-month installments. If the nominal interest rate on the mortgage is 9.52 percent, what is the total amount of interest you will pay over the life of the mortgage?HOW DO I COMPUTE THIS ON FINANCIAL CALCULATOR??a.$330,666.50b.$419,946.45c.$426,559.7 8d.$380,266.47e.$410,026.46
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03-04-2010, 10:02 PM
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Go out to bankrate.com and use the amortization schedule. If you put in the 375000, 15 year payment and interest rate, you will get the answer when you hit calculate by taking the monthly payment it calculates x 180 months. Take that number and subtract your 375000 The answer you come up with is one of your choices above.
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