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3 years ago

11

In order to make money on lones, financial institutions are paid back more than they loan. suppose borrow $350,000 to buy a hous

e and agree to make monthly payments of $1500.56 for 30 years.
a) what is the total amount you pay back?
b)how much do you pay in addition to the original loan amount?

1 answer:

Korolek [52]3 years ago

5 0

1500.56 x 12 = 18006.72 per year

18006.72 x 30 = 540201.60

540201.60-350000 = 190201.60

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Check:

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$5\cdot 0=\overline{0};$
$5\cdot 1=\overline{5};$
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$5\cdot 3=15=\overline{3};$
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The multiplicative inverse of 5 in $Z_{12}$ is 5.

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