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