What is the total interest on 17 year loan With an ARP of 6.24% and a principal of $32,750?
+23254 We'll have to calculate how much will be paid over the course of those 17 years.
To do that, we'll first have to calculate how much each monthly payment is.
According to the web site www.1728.com the formula to use is:
Monthly Payment = {rate + rate/[ (1 + rate)^months - 1] } x Principal
The Principal of the loan is 32750
The number of months is 17 years x 12 months per year = 204 months
The rate is 6.24% = .0624 yearly which, when divided by 12 becomes 0.0052.
Monthly Payment = {0.0052 + 0.0052 / [ (1 + 0.0052) ^ 204 - 1] } x 32750
Monthly Payment = $260.85
Pay this monthly payment for 12 months per year for 17 years: $260.85 x 12 x 17 = $53.213.40
But since the loan was only for $32,750.00, subtract to get $20,463.40 total interest paid.
+23254 We'll have to calculate how much will be paid over the course of those 17 years.
To do that, we'll first have to calculate how much each monthly payment is.
According to the web site www.1728.com the formula to use is:
Monthly Payment = {rate + rate/[ (1 + rate)^months - 1] } x Principal
The Principal of the loan is 32750
The number of months is 17 years x 12 months per year = 204 months
The rate is 6.24% = .0624 yearly which, when divided by 12 becomes 0.0052.
Monthly Payment = {0.0052 + 0.0052 / [ (1 + 0.0052) ^ 204 - 1] } x 32750
Monthly Payment = $260.85
Pay this monthly payment for 12 months per year for 17 years: $260.85 x 12 x 17 = $53.213.40
But since the loan was only for $32,750.00, subtract to get $20,463.40 total interest paid.
