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mortgage

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Hi, I''m trying to figure out how many years it would take to pay off a mortgage if: mortgage principal: 120000 monthly mortgage payment: 1250 annual mortgage rate: 8.25 Which is 13 years and 0 months with a Total interest paid: 74223.85668532664. I''m just not sure how that works, Thanks for any help Scott

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looks simple to me.

13 years * 12 months = 156 months totoal
156 months * monthly payment of 1250 = $195000 total dollars paid.
If your morgage is for $120000
subtract the two, what ever is left over must be interest.

195000 - 120000 = $75000 in interest.

Keep in mind that the interested is calculated each month on the amout of principle debt still outstanding. So the amount of your payment wich goes toward the principle will increase throught the life of the mortgage.

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For starters, real mortgages are never set up like that. The mortgage payment is a function of the principal, interest, and term of the loan. So instead of being a nice number like 1250, it would be 1211.67/month for 15 years. The number is made up, but you get the point.

Since you already have the answer, I assume this is an intro programming problem you need to write code for. Calculate the each month''s interest, add it to the balance, and subtract the monthly payment. Add 1 to the month count. When the balance is <=0, the loan is paid off.

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well it''s not so much Game development, however, it is for programming, and it was the math part involved, not so much the programming that I''m not sure of so that''s why it''s in the math/physics board

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moderator hat on...

The point of Graham's question as to whether this was Game Development related is that these boards are for the purpose of discussing Maths and Physics related to (or a part of) Game Development. There are news groups and general maths websites out there that can handle the sort of maths problem you presented. Alternatively, a visit to the local library - or a web search - looking for the calculus of exponential functions could have solved this problem.

...moderator hat off

Cheers,

Timkin

Edited by - Timkin on November 20, 2001 8:08:07 PM

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quote:
Original post by Fruny
Well given the price of the tools...


Ha ha!. Funny, .

Graham Rhodes
Senior Scientist
Applied Research Associates, Inc.

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Timkin did argue my point very well. I''m going to close the thread since its not game development related.

wojtos, good luck with solving your problem.

Graham Rhodes
Senior Scientist
Applied Research Associates, Inc.

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