An individual borrowed $73,000 at an APR of 3%, which will be paid off with monthly payments of $356 for 24 years. What is th

Question

3 years ago

7

e payment amount?

1 answer:

hram777 [196] · Answer 1 · 2022-06-19T11:37:10+03:00

Answer:

$102,528

Step-by-step explanation:

The total amount paid mequivalent to the number of monthly payments times the number of months.

-Given the monthly payment is $356 and the loan term is 24 years, the total amount is calculated as:

$=356\times 24\times 12\\\\=102,528$

Hence, the total payment amount is $102,528

An individual borrowed​ $73,000 at an APR of 3​%, which will be paid off with monthly payments of​ $356 for 24 years. What is th