Ellis took out a 20 year loan for $70,000 at an APR of 12.5% compounded monthly approximately what would be the total cost of hi
s loan if he paid it off 14 years early
2 answers:
Answer:
120,222.20 dollars
Step-by-step explanation:
Given that Ellis took out a 20 year loan for $70,000 at an APR of 12.5% compounded monthly.
Tenure of the loan =20-14years=6 years
Total amount paid = 120,222.20
Thus we find that when compounded monthly approximately the total of his loan would be 120,222.20
Answer: b) 120,222.20 apex
Step-by-step explanation:
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