Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How do I find the total interest paid in dollars on a loan with the interest rate, total amount of years, and principle amount? (what
How do I find the total interest paid in dollars on a loan with the interest rate, total amount of years, and principle amount?
(what is the equation, because I tried and kept getting $363750.0)
JGRASP Messages Run I/O Interactions ---- GRASP exec: python Labo1v1a Enter principal 250000 Enter annual rate 4.85 Enter number of years 30 Principal: $ 250000 Annual Rate: 4.85 % Number of Years: 30 Monthly Payment: $ 1319.23 Total Payments: $ 474922.8 Total Interest: $ 224922.8 ---GRASP: operation complete. LStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started