Question

the monthly payment on a mortgage with a principal of p dollars is m dollars. the mortgage is taken out for y years. express the interest I as a function of p, m, and y.

Answer 1

I = 12my -p

Explanation:

You want to express the interest I on a mortgage of principal p that has a monthly payment of m for y years.

Total of payments

The number of monthly payments in y years is 12y.

The value of those monthly payments is (12y)(m).

Interest

The interest paid is the difference between the value of payments and the principal amount of the loan:

I = 12my -p