Frederick took out a 20-year loan for $70,000 at an APR of 2.2%, compounded monthly. Approximately how much would he save if he

Question

3 years ago

10

paid it off ...

2 answers:

Karolina [17] · Answer 1 · 2022-04-30T03:02:15+03:00

8 0

70,000 * (1+.022/12)^(12*20)

70,000 * (1.552081849 = 108,645.73

108,645.73 - 70,000 = $38,645.73 in interest in 20 years

stich3 [128] · Answer 2 · 2022-04-30T05:18:53+03:00

5 0

70,000 * (1+.022/12)^(12*20)

70,000 * (1.552081849 = 108,645.73

108,645.73 - 70,000 = $38,645.73 in interest in 20 years