Question

Ashley Harrison takes out a $100,000 mortgage. The total amount of interest for 30 years is $90,000. What is the payment per month?

Answer 1

Total interest of 30 year=90000

Convert 30 years into months =30*12=360

Interest payment of each month =90000/360=250

If you shall pay this mortgage in one year=100000/12=8333.33

Total payment pay pr month=250+8333.33 =8583.33

So,

Interest payment of each month is $250

Total payment per month =$8583.33