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24-06-2017
Mathematics

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in order to make money on lones, financial institutions are paid back more than they loan. suppose borrow $350,000 to buy a house and agree to make monthly payments of $1500.56 for 30 years.
a) what is the total amount you pay back?
b)how much do you pay in addition to the original loan amount?

Respuesta :

musiclover10045 musiclover10045

24-06-2017

1500.56 x 12 = 18006.72 per year

18006.72 x 30 = 540201.60

540201.60-350000 = 190201.60

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