I need help with my financial service homework! Help!?!?!?!?
by Mortgage Rates on Thursday, September 30th, 2010 | 1 Comment
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You’ve got an error in there. You didn’t move the decimal 2 places to the left; only one place. This is what you need to do:
35,000 x .0628 x 30 / 360 (months) = $183.16
That will give you the answer you want, but in reality, mortgages are “amortized’, they are not calculated using “straight” interest. But don’t worry about that for this problem.