2 Time Value of Money Flashcards
1
Q
Chen just purchased a duplex for $375,000. She put down 20% and financed the remainder over 30 years. Her interest rate was 2.99%. How much interest will Chen pay to the lender over the life of her loan?
A
PMT, 1,263.1947
1,263.1947 (payment) x 360 (total payments) =
454,750.0930 – 300,000 (loan amount) = $154,750.09
