1. Will is buying a house fir $185,000. He is financing $165,000 nd obtained a 30-year, fixed-rate mortgage with a 6.725% interest rate. How much are his monthly payments?
2. Kandy is financing a $335,000 mortgage for 30 years at a fixed-rate of 7.45%. What is the total cost of the principal and interest after 30 years?
You should know this formula for a monthly payment on a mortgage or a loan:
PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}
1. The following amortization table uses the above formula to calculate the payment:
http://www.calculator.net/amortization-calculator.html?cloanamount=165%2C000&cloanterm=30&cinterestrate=6.725&printit=0&x=47&y=15
2.The following amortization table calculates the payment and also the total cost of principal + interest:
http://www.calculator.net/amortization-calculator.html?cloanamount=335000&cloanterm=30&cinterestrate=7.45&printit=0&x=42&y=15
3. Just copy and paste the above URL's in address bar of your browser.
