Math help please help me out?
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There is the question above. I am really confused on how to do this, and I need an example to finish if you could help me with the first one. Thank you very very much in advance.
This is multlayered. You would need to take the principal, and the multipley by the interest rate, which is probabaly annual. Then multipley by 30 to get total actual payment.
Per Finance, the time value of money calculations says P (principal or Present value) divided by R (rate) the the t, or time. So you do 235,000 * .06 = 14,100. Then add 1,000 for the monthly loan payment. 30 Years is 360 months, so add an additional 360,000. So you buy a house for 235,000, but after 30 years, you end up paying 235,000 + 14,100 + 360,000 = 609,100 for it. Sucks I know, but that’s the crappy part
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