Question

Scott decides to buy a $73,000 townhouse. He is going to use $6,000 he received as a graduation gift to make the down payment. He has been approved for a loan at 5.5% annual interest over 30 years.
Using the answer from part B, what will be the total amount he will have to pay back for the loan over 30 years?
Part B answer was: 166.3024

Answer 1

Answer:

$187,450

Step-by-step explanation:

5.5% of 73,000=$4,015

4,015*30=$120,450( Interest over 30 years time)

$120,450-$6,000=$114,450

$114,450+$73,000=$187,450(including house and interest)-(graduation gift)