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Marizza181 [45]

2 years ago

13

Jen Anderson takes out a mortgage for $120,000. This is a loan of 30 years at $500 per month. This gives a total interest cost o

f $60,000. What is the APR using the formula?

2 answers:

velikii [3]2 years ago

7 0

APR=(2yc)÷(m×(n+1))
APR=(2×12×60,000)÷(120,000×(360+1))
=0.0332×100=3.32%

Evgesh-ka [11]2 years ago

5 0

Answer:

3.32%

Step-by-step explanation:

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