Karen is financing a $285,000 mortgage for 30 years at a fixed rate of 7.15%. What is the total cost of the principal and intere
st after 30 years?
2 answers:
Correct answer: $692,967.60
Answer:
692967/-
Step-by-step explanation:
Given that Karen is financing 285,000 dollars mortgage for 30 years at a fixed rate of 7.15%
Tenure = 30 years
Let us use amortisation calculator to find out the total cost of prinicipal and interest.
WE find that
Equal monthly instalment = 1924.91
Total interest paid = 407967
Total cost =407967+285000 =692967/-
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