An individual borrowed?$89000 at an APR of 6?%, which will be paid off with monthly payments of?$638 for 20 years. The number of payments per year

Question

Mathematics

Silky

18 December, 17:52

An individual borrowed?$89000 at an APR of 6?%, which will be paid off with monthly payments of?$638 for 20 years. The number of payments per year

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Answers (1)

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Frank Bennett · Answer 1

Answer: Total payments = $153,120

Interest paid = $64,120

Step-by-step explanation:

$638 x 12 months x 20 years = $152,120

Paid: $152,120

Borrowed: $89,000

Difference: $64,120