Jackie swain obtains a $65,000 loan on her home. the principal and interest payments are based on a factor of 8.05 per $1,000. the loan is for 30 years at 9%. how much does jackie pay in total interest over the life of the loan?

total interest paid = $123,370

Explanation:

given data

loan = $65,000

factor = 8.05 per $1,000

time = 30 year = 30 year × 12 months = 36 months

rate = 9%  = 0.09

solution

first we get  here payments on principal and interest for factor 8.05 per $1,000 will be

payments on principal and interest = $65 × 8.05

payments on principal and interest =  $523.25 per month

payments on principal and interest = 523.25 × 360 months

payments on principal and interest = $188,370

so total interest paid will be

total interest paid = $188,370 - $65,000

total interest paid = $123,370

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%

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