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Principal & Interest?
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<blockquote data-quote="Amber" data-source="post: 2309567" data-attributes="member: 210458"><p>This problem is in my math notes and I can not remember how I got my answer-help!! </p><p></p><p>You borrowed $7500 at fixed APR which you are paying off with monthly payments of $95 for 10 years.</p><p></p><p>What is the principal? : $7500</p><p>How many payments will you make in total? : (12*10) = 120</p><p>What is the total you will repay over the life of the loan? : (95*10*120) = 11400</p><p>Of the total amount, how much goes to principal? : $7000 (I don't understand how I got this)</p><p>Of the total amount, how much goes to interest? : I do not know how to get this</p></blockquote><p></p>
[QUOTE="Amber, post: 2309567, member: 210458"] This problem is in my math notes and I can not remember how I got my answer-help!! You borrowed $7500 at fixed APR which you are paying off with monthly payments of $95 for 10 years. What is the principal? : $7500 How many payments will you make in total? : (12*10) = 120 What is the total you will repay over the life of the loan? : (95*10*120) = 11400 Of the total amount, how much goes to principal? : $7000 (I don't understand how I got this) Of the total amount, how much goes to interest? : I do not know how to get this [/QUOTE]
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