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2 years ago

Sonya took out a mortgage of $65,000 at 7% for 25 years. What is the cost of the mortgage?

Mathematics

2 answers:

JulsSmile [24]2 years ago

6 0

Answer:

$72,823

Step-by-step explanation:

just took test

Vika [28.1K]2 years ago

5 0

The cost of the mortgage is $81250

<h3>What are interests?</h3>

Interests are percentages of a principal

Given the following parameters

Principal = $65000

Rate = 7% = 0.07
Time = 5 years

<h3>Calculate the interest</h3>

I = PRT/100
I = 65000*0.07*25
I = 16,250

<h3>Determine the cost of the mortgage</h3>

Cost of mortgage = Principal + Interest

Cost of mortgage = 65000 + 16250
Cost of mortgage = 81,250

Hence the cost of the mortgage is $81250

Learn more on mortgage here: brainly.com/question/22846480

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3 years ago

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3 years ago

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Answer:

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Step-by-step explanation:

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Read 2 more answers