Jeff and Darleen bought a house for $74,000. After making a $4000 down payment, they took out a $70,000 mortgage at 7% compounded semiannually for 30 years. How large are their semiannual payments to cover the principal and interst? and How much total moeny will they wind up paying fo th house?
2006-10-22 12:03:32 · 4 answers · asked by lostinmath 1 in Science & Mathematics ➔ Mathematics
Dear LostinMat:
Mathematics is a cross for me to bear. As a solid student in school, but poor at math, University was out of the question for me. I like to ATTEMPT math problems because I get to see if over the years I have improved my ability a little. My answer is probably not right down to the penny, BUT I am hoping I am very close in my calculations. Interest can be figured in many different ways, but I did it with the standard, basic calculation.
1. To cover P & I for six months their payments should be:
$6,066 dollars - approximately.
2. In 30 years, at an annual payment of $12,132 they will have
expended:
$ 363,960.00 TOTAL in P&I.
The 30 year's fixed mortgage was not the best choice.
Again, this is my calculation - without knowing the bank's method of calculating interest.
Best regards, Lana
2006-10-22 13:09:26 · answer #1 · answered by Lana S (1) 4 · 0⤊ 0⤋
$2,806.21 semiannual payment.
Total paid for the house, $172,372.60
2006-10-22 19:13:39 · answer #2 · answered by Jim H 3 · 0⤊ 0⤋
semiannual-4,900
i think they will end up paying 147,000.00 dollars.
2006-10-22 19:17:09 · answer #3 · answered by Jeremy's gurl 2 · 0⤊ 0⤋
Go on-line and search for an amortization schedule.
2006-10-22 19:09:52 · answer #4 · answered by waggy_33 6 · 0⤊ 2⤋