Given the following assumptions (principal = $250, APR compounded monthly = 5.75%, monthly payment = $60), calculate the percentage of a 30-year balance that is interest money only.
+2592 5.75/12 = 0.4791666666666667
12*30 = 360
y=250(1.004791666666666667)^360
y=1397.33
X=1397.33-250
X= $1147.33
Given the following assumptions (principal = $250, APR compounded monthly = 5.75%, monthly payment = $60), calculate the percentage of a 30-year balance that is interest money only
If I undestand your question correctly, you want to know what the interest will be on a principal deposit of $250 PLUS regular monthly payments of $60 each @ 5.75% compounded monthly for a 30-year period?
1-The total principal Plus interest will come to=$58,865.22
2-Total principal Plus 360 payments of $60 each comes to=$21,850
3-Accumulated interest ONLY over that 30-year period is=$58,865.22 - $21,850=$37,015.22
4-Interest as percentage of the grand total is=$37,015.22/$58,865.22=62.88%
