1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
horrorfan [7]
3 years ago
7

Mae took out a 30-year loan for $235,000 at 4.6% interest, compounded monthly. If her monthly payment on the loan will remain $1

204.71 for the life of the loan, how much will Mae have paid in interest once the loan is paid off?
Mathematics
2 answers:
zvonat [6]3 years ago
8 0
1204.71*30(years)*12(months per year)=$433,695.60
Original price was 235,000 so she paid 433,695.60-235,000=$198,695.60 in interest.
garri49 [273]3 years ago
4 0

Answer:

Mae paid $ 198695.6 in interest once the loan is paid off.

Step-by-step explanation:

Amount taken for loan, P = $ 235,000

Rate of interest, R = 4.6 %

Interest is compounded monthly for 30 years.

Monthly payment paid = $ 1204.71

Number of months in a year = 12

Number of months in 30 year = 12 × 30 = 360

So, Total Amount she pay in 30 year = 360 × 1204.71 = $ 433695.6

Thus, Interest = 433695.6 - 235000 = $ 198695.6

Therefore, Mae paid $ 198695.6 in interest once the loan is paid off.

You might be interested in
PLEASEHELP!
denis-greek [22]
You factor out primes from the root, for example:
root 100
you can get 10 from it, or we'll use 5

100/5=20
20/5=4
root 4= 2
because there are 2 "5" we can bring that out of the root, there are 2 "2" so we bring that out too.
When a number is taking out of a root, the 2 exact same numbers become one. in this case, there are ONE 5 and ONE 2 outside the root. then You multiply 5 and 2 together, and you get 10

6 0
3 years ago
NEED HELP ASAP FREE BRAINLIST
oksano4ka [1.4K]

Answer:

um yea i dont know that

Step-by-step explanation:

5 0
3 years ago
How to find the slope and y intercept from two coordinate pairs
aivan3 [116]
First use the slope formula to form the slope
m = (y2-y1)/(x2-x1)
and then find the y intercept by (0,b)
then plug m and b into
y=mx+b
3 0
2 years ago
Read 2 more answers
What is the equation of a line passing through (-2,3) and is perpendicular to the y-axis ?
Scrat [10]

Answer:

the answer is B

Step-by-step explanation:

4 0
3 years ago
Is the following a fixed or a variable expense?
ivanzaharov [21]

Answer:

A) Fixed Expense

Step-by-step explanation:

life insurance are also fixed payments.

3 0
2 years ago
Read 2 more answers
Other questions:
  • Which correctly describes how the graph of the inequality 4x - 2y > 20 is shaded?
    14·2 answers
  • How did you figure out the answers ? how did you work it out ?
    6·1 answer
  • HELP ME PLEASE!!! The function f(x) is graphed on the coordinate plane. What is f(−2) ? Enter your answer in the box. f(−2) =
    5·1 answer
  • Charlie is evaluating the product of 0.09 and 0.05. He multiplies, and before placing the decimal, arrives at an answer of 45. A
    12·1 answer
  • Thang decided to borrow ​$ from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of ​%.
    12·1 answer
  • NEED ANSWER IN FIVE MINUTES!!!!!!!!
    12·2 answers
  • What is the sum of 3/15 + 2/5 as a fraction
    15·2 answers
  • By substituting
    6·1 answer
  • A plane flies 15 miles in 20 seconds. How long would it take the plane to cover 30 miles?
    11·1 answer
  • Please help me with this problem ​
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!