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  1. #1
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    Default Need someone smart to help

    I need help with calculations please!!

    How much interest do I pay on these ..

    $20,000 at 4% over 30 years
    And
    $20,000 at 18% over 10 years

    I keep confusing myself.. can someone please help?
    Thank you

  2. #2
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    4% x 30 years x 20k = 24000
    18% x 10 years x 20k = 36000

    But that's if you didn't pay anything until your 10/30 years were up, if the interest is worked out on the remaining amount then it'd be less than this. … It's been a while since I did yr 11 maths :P

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    Is this for a mortgage?

    Try this one, it gives you rapayments and total interest paid.

    http://www.yourmortgage.com.au/calculators/

  4. #4
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    Thanks heaps yes it's for a mortgage. Just trying to see if the higher rate for shorter would work out better but looks like it doesn't..


 

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