Is it simple interest or compounding?
Hi I have a math class with a horrible teacher from some country and I can't understand a word she says. Thus, I have a problem with my math homework. By the way it's not the terminology I can't understand it's the crazy accent. Anyway, The problem I have is that I need to figure out the monthly payments I need to make which I believe I already have. Then I need to figure out the total amount of interest I need to pay. Heres the info I got.
Principal Loan = $135,000
APR = 5.9%
Years = 30
I believe the monthly payment is at $800.73, but I'm not complete positive on that either. Any help would be appreciated.