Sally0426 Sally0426

Today at 8:18 PM
Mathematics

Answered

Karen is financing a $285,000 mortgage for 30 years at a fixed rate of 7.15%. What is the total cost of the principal and interest after 30 years?

Answer :

Aliwohaish12 Aliwohaish12

Today at 8:22 PM

Correct answer: $692,967.60

Answer Link

AlonsoDehner AlonsoDehner

Today at 8:23 PM

Answer:

692967/-

Step-by-step explanation:

Given that Karen is financing 285,000 dollars mortgage for 30 years at a fixed rate of 7.15%

Tenure = 30 years

Let us use amortisation calculator to find out the total cost of prinicipal and interest.

WE find that

Equal monthly instalment = 1924.91

Total interest paid = 407967

Total cost =407967+285000 =692967/-

Answer Link

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