Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 9% interest for 30 years.
How much did you pay as a down payment?
How much was your existing loan for?
What is your current monthly payment on your existing mortgage?
How much total interest will you pay over the life of the existing loan?
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Expert's answer
2018-02-15T08:21:07-0500
110000$*10%=11000$ -I paid as a down payment 110000$-11000$=99000$ was your existing loan for Annuity payment can counting with formula x=S×(P+P/((1+P)^N-1)), where x - monthly payment, S - existing loan, P-the monthly interest rate/100, N - number of months x= 99000×(0.0075+0.0075/((1+0.0075^360-1))=796$ 796×360=286560 - all payment 286560-99000=187560 - total interest will you pay over the life of the existing loan The differentiated payment can counting with formula on your existing mortgage is 99000/ 30 year × 20 year = 66000 66000/(20×12)=275$ - payment body of the loan 66000×9%/12=495 interest 275+495=570$ my payment passing ten year after buying per month
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