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Kazeer [188]
3 years ago
12

Aphrodite took out a 30-year loan from her bank for $170,000 at an APR of 7.2%, compounded monthly. If her bank charges a prepay

ment fee of 6 months' interest on 80% of the balance, what prepayment fee would Aphrodite be charged for paying off her loan 12 years early?
Mathematics
1 answer:
lora16 [44]3 years ago
7 0
It's 3246.74 --- APEX
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Step-by-step explanation:

Given the expression

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\mathrm{Apply\:the\:fraction\:rule}:\quad \frac{a}{b}\times \frac{c}{d}=\frac{a\:\times \:c}{b\:\times \:d}

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As the value of the second factor is:

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It is clear that the product value 'y = 1.12' is lesser than the second factor value '1.4'.

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