You want to buy your dream house by borrowing $300,000 for 15
years, with monthly payments....
60.1K
Verified Solution
Link Copied!
Question
Finance
You want to buy your dream house by borrowing $300,000 for 15years, with monthly payments. The bank quotes a fixed rate of 5.5%.What is the total interest you paid by the end of the5th year?
Answer & Explanation
Solved by verified expert
4.2 Ratings (751 Votes)
Total interest you paid by the end of the 5th year is 7294201 Step1Calculation of Monthly payment Monthly payment Loan amount Present value of annuity of 1 300000 1223865193 245125 Working
See Answer
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
