Jamal has been approved for $125,000 loan, 30-year mortgage with an APR of 5.3%. He made a 10% down payment and is closing on Ap
2 answers:
Answer:
The total amount paid by Jamal will be $408.38
Step-by-step explanation:
Jamal has been approved for $125,000 loan.
Time or t = 30-year
r = 5.3% or 0.053
He made a 10% down payment, means 90% was loan.
This amount multiplied by rate.
=>
For per day value, divide this by 365.
= $16.335
Given is the deal is closing on April 5th. April has 30 days, so, there are 25 days left.
So, the final amount becomes = ≈ $408.38
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