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Math Help - Algebra 2 Project. Write equation for financing a home.

  1. #1
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    Exclamation Algebra 2 Project. Write equation for financing a home.

    Ms. Martin was researching the costs of financing $125,000 for a home. She found that the monthly payment for a 6.875% loan for 30 years would be $821.16 per month. She found that the monthly payment for a 6.875% loan for 20 years would be $959.77 per month.

    1. Write and solve an equation to find the amount of interest she would pay altogether for the 30-year loan.
    2. Write and solve an equation to find the amount of interest she would pay altogether for the 20-year loan.


    Can anyone at least explain how to do this? I'm almost desperate here lol.
    Last edited by Pagelynn; March 15th 2009 at 04:39 PM.
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  2. #2
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    Some ideas to get your started:

    Consider problem 1:

    - How much does Ms. Martin have to pay each year?
    - How many years does she have to pay this cost?
    - So how much does she wind up paying total?

    Then answer the same questions for the second problem.

    Good luck, Pagelynn.
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  3. #3
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    Thanks a lot for your help, I figured it out lol
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