Posted by Mark-NC on January 04, 2001 at 17:58:10:

Norm,

I am not sure how you got your figures but this is the way I see it is;

Sales price = 150,000

10% down = 15,000

Amount financed = 135,000

Principal and interest payment at 9%= 1,086.24 per month amortized over 30 years.

Ballon principal amount due in 60 months = 129,552.83

The total amount of pricipal paid = 5,447.17

The total amount of interest paid = 59,727.23

I did this quickly but I think it is pretty close.

Mark