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# Math

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Ringo obtains a 15-year 5.4% fixed rate mortgage for \$505,500. The monthly payments are about \$4,104. What is the total amount of interest for Ringo's mortgage?

Bria has a 25-year adjustable rate mortgagr that has a rate of 3.2% for the first 4 years. The amount of the mortgage is \$179,000. What is the monthly payment during this initial period?

Guest Apr 6, 2017
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### 1+0 Answers

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15 years x 12 months =180 months

\$4,104 x 180 =\$738,720 - total of principal + interest.

\$738,720 - \$505,500 =\$233,220 - total amount of interest.

For Bria's mortgage, use this formula to calculate her monthly payment:

PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}

PMT=179,000 x 0.032/12{[1+0.032/12]^(25*12) / [1 + 0.032/12]^(25*12) - 1}

PMT=477.33....  x                                         1.817546182......

PMT=\$867.58 - Bria's monthly payment.

Guest Apr 6, 2017

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