I am wanting to borrow $80,000 to buy a house. The terms are 80,000 at 7% compounded quarterly for 20yrs. I need to know what the total intrest will be? Thank you
2007-12-20 11:17:50 · 3 answers · asked by heather t 1 in Business & Finance ➔ Personal Finance
A web search for 'loan calculator' will return THOUSANDS of sites that will answer this question is less time than it took to ask. If you know the monthly payments, multiply by the number of payments to find the total payments. Subtract the $80,000 from this to get the total interest.
$68,857.40 is the number I got from bankrate.com.
The loan DOES NOT compound quarterly. You pay the ENTIRE accrued interest every month, therefore it DOES NOT compound.
2007-12-20 13:04:01 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Monthly payment: 20 Years
Interest rate: 7.000%
Loan amount: $ 80,000.00
$ 620.24 a month x3
$1860.72
2007-12-20 12:00:30 · answer #2 · answered by Bern 2 · 0⤊ 0⤋
You can calculate that number here: http://www.mortgage-calc.com/
2007-12-20 11:27:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋