Aperson who files bankruptcy ends up paying a 6% higher fixed interest rate on a 30-year home loan than a person who has not filed bankruptcy. the person who files bankruptcy pays a 12% interest rate on their home loan. if the loan amount is $150,000, how much more in total interest do they pay than the person who has not filed bankruptcy?

They pay $231,693.52 more in total interest than the person who has not filed bankruptcy.

Step-by-step explanation:

Loan amount, PV = $150,000.

Time of repayment = 30 years = 360 months.

For a bankrupt person, Interest rate = R = 12%/12 = 12/1200 = 0.01

Monthly payments for the bankrupt person will be:-

Total repayment for the bankrupt person = 1542.918895 x 360 = $555,450.80

For a good credit-score person, Interest rate = R = 6%/12 = 6/1200 = 0.005

Monthly payment s for the good credit-score person will be:-

Total repayment for the good credit-score person = 899.3257877 x 360 = $323,757.28

Excess amount paid by the bankrupt person = 555450.80 - 323757.28 = $231,693.52

Hence, they pay $231,693.52 more in total interest than the person who has not filed bankruptcy.

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