Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
Answer: $525,341.20
Explanation:
30 years = 30*12 = 360 months
If the monthly payment is $2,223.17 for 360 months, then you'll pay back a total of 2223.17*360 = 800,341.20 dollars overall.
Subtract off the amount financed, or amount loaned, to get the total interest.
800,341.20 - 275,000 = 525,341.20 is the amount of interest paid (in dollars).
This works because effectively, the total amount paid back consists of principal + interest. The principal is the amount the bank loans you.
So we could rephrase that last equation into saying
principal + interest = 275,000 + 525,341.20 = 800,341.20 = total amount paid back.
Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.
