1. Brett has a 30-year fixed rate mortgage for $112,500 with monthly payments of $603.92. The annaul interest rate is 5%. What is the total cost of the principal and interest for this loan rounded to the nearest dollar?
2. Rick obtains a 25-year 7.2% fixed rate mortgage for $414,500. The monthly payments are about $2,982. What is the total amount of interest for Rick's mortgage?
+37093 From online payment calculator:
You will need to pay $603.92 every month for 30 years to payoff the debt.
Monthly Payment$603.92
Time to Pay Clear30.00 years
Total of 360 Payments$217,412.76
Total Interest$104,912.76
2.
You will need to pay $2,982.70 every month for 25 years to payoff the debt.
Monthly Payment$2,982.70
Time to Pay Clear25.00 years
Total of 300 Payments$894,808.54
Total Interest$480,308.54
