Open Question: I need help with my financial service homework! Help!?!?!?!?

[Administrator]

We are suppose to find a condo on the internet and pretend to be owners and find the payment amount you will pay in 30 years. We cannot use a down payment or taxes on the house. we are to use the interest formula I=p x r x t P=price 35.000 x r=rate 6.28 x t=time 30 years 35.000 x 6.28 x 30 ------------------- 6594 calculator then we do it again but this time we move the decimal in the rate 2 space to the left making it 35.000 x0.628 (like so)= 21.98 x 30= 659.4 /12=54.95 x 30 = 1648.5 on the condo website they have an estimated payment price of 172 per month for 30 years, my sister had gotten 183 per month for 30 years she can't remember how she came about the answer. Please try your best to work out the problem please! here is the website link so you can see it for yourself remember no down payment or taxes look at their mortgage calculator at the bottom to compare. copy this whole address in the address bar so you can see http://washingtonpost.2.homescape.co...ct_id=35730641

More...