melanamann11
contestada

Use the table to determine the total amount paid on a 20 year fixed loan, at 5.5%, of $160,000.

a.
$160,000
c.
$264,192
b.
$203,254
d.
$176,000

Use the table to determine the total amount paid on a 20 year fixed loan at 55 of 160000 a 160000 c 264192 b 203254 d 176000 class=

Respuesta :

josh09132
The total cost of the mortgage would be $264,192 or C.

Answer:

Option C- 264,192              

Step-by-step explanation:

Given : The total amount paid on a 20 year fixed loan, at 5.5%, of $160,000.  

To find : The amount  

Solution : From the table we get that monthly payment per $1000 of mortgage when interest rate is 5.5% on a 20-year loan is

Monthly payment per $1000 mortgage is 6.88

Per $1000 the principle is $160

Time in months [tex]=20\times12 = 240[/tex] months

Amount paid for 240 months at principal $160 is

[tex]6.88\times 160\times 240=264192[/tex]            

Therefore, Option C is correct.          

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