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Citrus2011 [14]
3 years ago
5

How much TOTAL (principle and interest) will be paid over the life of the following loan: $185,000 loan; 7% annual interest (mon

thly payments); 30 years?
Business
1 answer:
Yuri [45]3 years ago
5 0

Answer:

$443,091.5

Explanation:

Given that,

Amount of loan, present value = $185,000

Annual rate of interest, r = 7% ÷ 12

                                         = 0.00583

Time period = 30 years

Therefore,

Monthly payments:

=\frac{r\times PV}{[1 - (1+r)^{-n}]}

=\frac{0.00583\times 185,000}{[1 - (1+0.00583)^{-30\times12}]}

=\frac{1,078.55}{[1 - (1.00583)^{-360}]}

= 1230.81

Total (principle and interest) will be paid over the life:

= Monthly payments × 360

= $1,230.81 × 360

= $443,091.5

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