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

Question

3 years ago

9

s loan if he paid it off 14 years early

2 answers:

kenny6666 [7] · Answer 1 · 2022-01-17T21:05:40+03:00

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

8_murik_8 [283] · Answer 2 · 2022-01-17T19:06:10+03:00

5 0

Answer: b) 120,222.20 apex

Step-by-step explanation: