# Thread: Algebra 2 Project. Write equation for financing a home.

1. ## 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.

2. 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.

3. Thanks a lot for your help, I figured it out lol