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nadezda [96]
3 years ago
7

1. A mortgage of $200,000 requires payments of $1395.40 per month at 5.7%

Mathematics
1 answer:
sashaice [31]3 years ago
7 0

Answer:

a) How long will it take to repay the loan?

20 years

b) What amount of interest does the purchase pay?

$134,896

Step-by-step explanation:

a) How long will it take to repay the loan?

In the above question, they are asking you for the Loan duration

The Formula for Loan duration(T) =

ln (- m/(r÷n) × C - m)/In (1 + r/n)

Where:

m = monthly payments = $1395.40

C = Amount of mortgage =$200,000

r = Interest rate = 5.7% = 0.57

n = compounded quarterly = 4

T = ln (- 1395.40/(0.57÷4) × 200,000 - 1395.40)/In (1 + 0.57/4)

T = 20 years.

Therefore, it will take 20 years to repay the Loan.

b) What amount of interest does the purchase pay?

The total number of payments =

Loan duration × Number of months

Number of months = 12 months( because it is monthly payment)

Loan duration = 20 years

Total number of payments = 240 payments.

In the question, we are given the amount paid monthly payment as

$1,395.40

Total amount paid = Monthly payments × Total number of payments

= $1,395.40 × 240

= $334,896

The amount of Interest the purchase pay = $334,896 - $200,000

= $134,896

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