Bennie took out a 30-year loan for $165,000 at 5.2% interest, compounded monthly. If his monthly payment on the loan will remain

Question

3 years ago

9

Bennie took out a 30-year loan for $165,000 at 5.2% interest, compounded monthly. If his monthly payment on the loan will remain

$906.03 for the life of the loan, how much will Bennie have paid in interest once the loan is paid off?
A. $165,000
B. $161,170.80
C. $257,400.00
D. $326,170.80

Mathematics

2 answers:

maksim [4K] · Answer 1 · 2022-03-17T08:00:31+03:00

maksim [4K]3 years ago

7 0

Bennie makes 360 payments of $906.03 for a total of $326,170.80. That's $161,170.80 more than the principal amount, so he paid $161,170.80 in interest.
So the answer is B $161,170.80

shusha [124] · Answer 2 · 2022-03-17T09:07:52+03:00

shusha [124]3 years ago

3 0

The answer would be B. 161,170.80- apex