@StrawberryPigtails to News@lemmy.world • 7 months agoA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.comexternal-linkmessage-square104arrow-up1172arrow-down125
arrow-up1147arrow-down1external-linkA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.com@StrawberryPigtails to News@lemmy.world • 7 months agomessage-square104
minus-square@AlDente@sh.itjust.workslinkfedilinkEnglish1•7 months 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.
Oh is my math wrong?
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.