Though there are many that are qualified and would solve this problem, you would only know the answer not the method in which the problem was solved.
This is the essence of homework so you would be able to explain the method in how you solved the problem. This would allow you to solve many problems of this nature in the future.
In solving this problem you would need to use an internet mortgage calculator. Inmost instances you are able to save the information on the internet mortgage calculator for future use.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
About $559,000 in interest you'd pay the bank over 30 years. After 8 years you'd have paid about $216,000 in interest.
any of dozens mortgage calculators have the info u need,
just plugin the info
look for payment schedules also
Go to bankrate.com and use their loan calculator to answer this question.
This is the question:
You are going to buy a new house. The purchase price is $580,000. You have saved the deposit needed, which is 20% of the purchase price. You can borrow the balance of the money needed to complete the purchase and your bank is offering you 6.2% annual interest. You have decided that you will repay the loan monthly over 30 years.
A) what is your monthly repayment at the start of this loan.
B) At the start of this contract you were interested in how much interest you would pay over the 30 year repayment contract. How much interest would you have paid to the bank?
C) After 8 years of paying off this loan, you decide to sell your house. How much do you still owe the bank when you settle with them?
D) At settlement with the bank (after 8 years), how much interest have you paid?
I need help with this question, as I am struggling and my teacher isn't very good.
