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Alexxandr [17]
3 years ago
12

Loan

Mathematics
1 answer:
diamong [38]3 years ago
5 0
B

Explanation: I guessed and it was right
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Sonya took out a mortgage of $65,000 at 7% for 25 years. What is the cost of the mortgage?
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The cost of the mortgage is $81250

<h3>What are interests?</h3>


Interests are percentages of a principal

Given the following parameters

Principal = $65000

Rate = 7% = 0.07
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<h3>Calculate the interest</h3>

I = PRT/100
I = 65000*0.07*25
I = 16,250

<h3>Determine the cost of the mortgage</h3>

Cost of mortgage = Principal + Interest

Cost of mortgage = 65000 + 16250
Cost of mortgage = 81,250

Hence the cost of the mortgage is $81250

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