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Semenov [28]
3 years ago
13

You borrowed $185,000 for 30 years to buy a house. The interest rate is 4.35 percent, compounded monthly. If you pay all of your

monthly payments as agreed, how much total interest will you pay on this mortgage
Business
1 answer:
Afina-wow [57]3 years ago
5 0

Answer:

$495,614.80

Explanation:

The interest paid will be the total amount paid minus the principal amount.

The amount paid after 30 years using compound interest will be

the future amount. Interest rate is compounded monthly . There are 12 compounds in a year, equivalent to 360 after 30 years.

interest is 4.35 per year or 4.35/12 per month

FV = P x ( 1+ r)N

Fv = 185,000 x ( 1+ 0.3625/100)360

Fv = 185,000 x (1.003625)30

Fv = 185,000 x 3.67899783

Fv = 680,614.60

Interest paid will be = $,614.80 - $185,000.00

=$495,614.80

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Answer:

PART A:

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The lowest capital contributor is eliminated first and so on. Which is attached in figure 1

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Christmas is ranked as the most commercial holiday. Where is Halloween on this list?
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Francis Inc.'s stock has a required rate of return of 10.25%, and it sells for $57.50 per share. The dividend is expected to gro
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Answer:            ke = D1/Po + g

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