4 years ago

Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?

Mathematics

2 answers:

geniusboy [140]4 years ago

8 0

I believe it is C....I could always be wrong...but i used a mortgage calculator :)

Bess [88]4 years ago

7 0

Answer:

The correct answer is option A

Step-by-step explanation:

$M = P \frac{(r (1+r)^n}{(1+r)^{n-1} }\\= 48,000 \frac{(0.11 (1+0.11)^15}{(1+0.11)^{15-1} }\\\\= 6576\\$

The total finance charges

$= 48,000 + 6,576\\= 54, 576\\$

The correct answer is option A

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