Susan Carver will purchase a home for $190000. She will use a down payment of 18% and finance the remaining portion at 4.2%,
compounded monthly for 30 years
1 answer:
Answer:
$548053.69
Step-by-step explanation:
Cost of home = $190000
Down payment = 18%
Loan amount = (1 - 0.18) * 190000 = $155800
Rate, r = 4.2% = 0.042 ; compounded monthly for 30 years
Using the relation :
A = P(1 + r/n)^nt
n = number of compounding times per period = 12
A = 155800(1 + 0.042/12)^(12 * 30)
A = 155800(1.0035)^360
A = 155800 * 3.5176745
A = 548053.69
Final loan amount = $548053.69
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