Colleen took out a 30 year loan for $145,000 at and apr of 4.5% compounded monthly. Approximately what would the be total cost o

Question

givi [52]

2 years ago

8

Colleen took out a 30 year loan for $145,000 at and apr of 4.5% compounded monthly. Approximately what would the be total cost o

f her loan if she paid it off 8 years early?

Mathematics

2 answers:

harina [27] · Answer 1 · 2022-08-04T09:50:13+03:00

harina [27]2 years ago

6 0

Answer:

the APEX answer is $253,096.84

Marrrta [24] · Answer 2 · 2022-08-04T08:23:22+03:00

Answer:

total cost of her loan be if she paid it off 8 years early $389,507.11

Step-by-step explanation:

The formula for annual compound interest, including principal sum P, rate of interest r, number of years t, and the number of times that interest is compounded per year is n:

A = P (1 + r/n)^ (nt)

calculate total cost after 22 years

P = $145,000

r = 4.5 %

t = 22 years

n = 12

A = P (1 + r/n)^ (nt)

A = 145,000(1 + 4.5/12)^ (22x12)

A = $389,507.11