@[email protected] to News • 1 year agoA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.comexternal-linkmessage-square99fedilinkarrow-up1172arrow-down125
arrow-up1147arrow-down1external-linkA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.com@[email protected] to News • 1 year agomessage-square99fedilink
minus-square@[email protected]linkfedilinkEnglish1•1 year agoPayment = rate*(loan amount)/(1-(1+rate)^(-number of payments)) Rate =.03/12 = 0.0025 Payment = 0.0025*100000/(1-1.0025^(-360)) Payment = $421.60 Therefore, $151776 will be paid in total, or $51776 in interest.
No shit…lol they have no clue how interest works
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Payment = rate*(loan amount)/(1-(1+rate)^(-number of payments))
Rate =.03/12 = 0.0025
Payment = 0.0025*100000/(1-1.0025^(-360)) Payment = $421.60
Therefore, $151776 will be paid in total, or $51776 in interest.