Question

URGENT!!!! HELP PLEASE!!!!!! 40 POINTS AVAILABLE

Answer 1

Answer:

           $\large\boxed{\large\boxed{\ 251,618.40}}$

Explanation:

The formula to calculate the monthly payments for a fixed interest mortgage is:

     $Payment=L\times \frac{i(1+i)^n}{(1+i)^n-1}$

Where:

• Payment is the monthly payment

• L is the amount of the loan: $150,000

• i is the monthly interest rate: 3.8%/12 = 0.038/12

• n is the number of months: 30×12 = 360

Substituting:

       $Payment=\ 150,000\times \frac{(0.038/12)(1+0.038/12)^{360}}{(1+0.038/12)^{360}-1}$

       $Payment=\ 698.94$

Now multiply the monthly payments by the number of payments:

• Total payment = $698.94 × 360 = $251,618.40