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Sam takes out a $167,000 mortgage for 20 years. He makes monthly payments and at the end calculates that he has paid $240,141 towards the mortgage. What is the approximate APR?

3%
4%
6%
7%

Respuesta :

OttisD

Answer:

About 3%

Step-by-step explanation:

3% of $167,000 is $5,010

5010 times the 20 years is 100200 add that to the 167000 and you get $267,200

The actual answer is about 2.4% but 3% is the closest.

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