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If I borrow $115,700 at 10.5% compounded monthly for 25 years. If I make all the payments (300) how much interest would I pay? Am I suppose to use just the simple calculation of I=PRT or am I forget

If I borrow $115,700 at 10.5% compounded monthly for 25 years.  If I make all the payments (300) how much interest would I pay?  Am I suppose to use just the simple calculation of I=PRT or am I forgetting something to make it compounded?


Solution Summary

If I borrow $115,700 at 10.5% compounded monthly for 25 years.  If I make all the payments (300) how much interest would I pay?  Am I suppose to use just the simple calculation of I=PRT or am I forgetting something to make it compounded? Get a step by step solution and answer below.

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