Ask Question
17 February, 13:27

Angel Graham takes out a $150,000 mortgage. This is a 30-year at $725 per month. What is the total amount of interest that Angel will pay on this mortgage?

+5
Answers (1)
  1. 17 February, 15:41
    0
    The formula to get the total amount of interest is: P (1+r/n) ^ (nt) - P

    Where:

    P - Principal amount of the mortgage

    r - interest rate ($725/$150,000)

    n - number of times the amount is compounded per year (in this case monthly)

    t - tenor of the mortgage

    Which is 150000 * (1+0.00483/12) ^ (12*30) - 150000 when the given amounts are substituted. The answer then is: 23,383.54.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Angel Graham takes out a $150,000 mortgage. This is a 30-year at $725 per month. What is the total amount of interest that Angel will pay ...” 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