Trying to do finance homework, can anyone tell me if I'm right?

[Cindiloohoo]

Quote:

VERY likely! Have a good brain rest!

 

[chicken_china_mom]

Ok, I rested my brain, though not nearly enough, lol. I went to the calculator site this morning, but there are a ton of calculators! Any idea of which one it is that I'm suppose to use? Should I try a loan calculator?

 

[Cindiloohoo]

Try the ammortizing loan calculator.

 

[Cindiloohoo]

Mortgage calculator says $86,425 is within pennies of the absolute correct answer. Now I just need to figure out how they get that answer.....LOL! I just woke up, fixing to eat and look for my book to see if I can find the correct formula for you to get the precise answer and an explanation of how to do it for future reference. I'm thinking you WILL need it again in this class.