Hey hows it going, i cant figure this out for some reason but hopefully you can help me out , ok so i need to find the total amount paid on the loan for the first year. heres how its setup
(loan is for 15 years, and a the monthly payment is paid every month so 15 years (times) 12 months = 180 months
Year 1
Beginning Balance-$750,000
Ending Balance-$719450.8795
Interest rate: 0.065
Monthly Payment: $6533.30524
total paid on Loan(paid on principle)- Need help on this! What do I do for total paid on loan(paid on principle), what formula (the answer is this $78399.66288, but i somehow I cant get it)? (if you dont understand what i mean, all i need is how much interest i paid for the first year on the loan.)
Thanks SO MUCH
__________
Jansen
(loan is for 15 years, and a the monthly payment is paid every month so 15 years (times) 12 months = 180 months
Year 1
Beginning Balance-$750,000
Ending Balance-$719450.8795
Interest rate: 0.065
Monthly Payment: $6533.30524
total paid on Loan(paid on principle)- Need help on this! What do I do for total paid on loan(paid on principle), what formula (the answer is this $78399.66288, but i somehow I cant get it)? (if you dont understand what i mean, all i need is how much interest i paid for the first year on the loan.)
Thanks SO MUCH
__________
Jansen