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