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Math Help - Interest on a loan.

  1. #1
    Junior Member
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    Interest on a loan.

    hi guys ,
    i need some help with a problem i was asked:

    if a house is worth $300,000 and the interest on a loan taken to buy it is 6%, i need to find a function that calculates if i pay a certain amount each week how much do i have to pay interest on this amount and how much i would have remaining to pay for the house.

    So please how is a function like this constructed???

    Thanks
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  2. #2
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    need a reply

    help please i really need a reply to my question
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  3. #3
    MHF Contributor
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    Quote Originally Posted by sandy View Post
    if a house is worth $300,000 and the interest on a loan taken to buy it is 6%, i need to find a function that calculates if i pay a certain amount each week how much do i have to pay interest on this amount and how much i would have remaining to pay for the house.
    So please how is a function like this constructed???
    Not enough information given.
    Do you mean 52 payments per year?
    How many years?
    Does the 6% compound weekly?

    If yes, and 25 years, then this is formula to get weekly payment:

    [300000(.06/52)] / [1 - f] where f = 1 / (1 + .06/52)^(25*52)

    If you can't follow that, not much can be done here for you: not a classroom.
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