Sam takes out a $167,000 mortgage for 20 years. He makes monthly payments and at the end calculates that he has paid $240,141 to

Question

3 years ago

6

wards the mortgage. What is the approximate APR?
3%
4%
6%
7%

1 answer:

stiv31 [10] · Answer 1 · 2022-05-09T16:54:27+03:00

6 0

Answer:

About 3%

Step-by-step explanation:

3% of $167,000 is $5,010

5010 times the 20 years is 100200 add that to the 167000 and you get $267,200

The actual answer is about 2.4% but 3% is the closest.