Ask Question
26 April, 16:46

A house costs $138,000. It is to be paid off in exactly ten years, with monthly payments of $1675. What is the APR of this loan?

+2
Answers (1)
  1. 26 April, 19:25
    0
    45.65%

    Explanation:

    Cost of House = $138,000

    Total Annual Payments Cost = $138,000/12

    = $ 13,800

    Total Payments made = $1,675*12*10

    = $ 20,100*10

    = $ 200,100

    APR = (20,100-13,800) / 13,800

    = 45.65%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A house costs $138,000. It is to be paid off in exactly ten years, with monthly payments of $1675. What is the APR of this loan? ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers