Math+Work

Examples :
1. How much interest will you pay over the life of a $150,000, 15 year loans at 7% interest with monthly payments of $1,348.24?

15 x 12 = 180 x 1,348.24 = 242,683.20

242683.20 __- 150000.00__ $ 92,683.20

2. How much interest will you pay over the life of a $125,000, 15 year loan at 6% with monthly payments of $1,054.82?

12 x 15 = 180 x 1,054.82 = 189867.60

189867.60 __- 125000.00__ $ 64867.60

__ Mortgage Principle __ __Rate__ __Terms__ $120,000 8.75% 30 $75,000 8.5% 20

120*7.87= 944.40 12*30=360*944.40= 339,984 __-120000__ $219984 75*8.68=651 12*20=240*651=156240 __-75000__ $ 8124

__ Steps __ 1. Take the terms and multiply it by 12. 2. Take that answer and multiply it by your payments. 3. When you get that answer, subtract the mortgage and then you have your interest.