Question
A homeowner could take out a 30-year mortgage at a 6.1.5 percent annual rate on a $195,000 mortgage amount. How much total interest over the
A homeowner could take out a 30-year mortgage at a 6.1.5 percent annual rate on a $195,000 mortgage amount. How much total interest over the entire mortgage she will pay(to the nearest dollar)?
(Hint: the EXCEL function for cumulative interest could be helpful)
A) $230,400
B) $190,105
C) $155,612
D) $144,325
E) $138,612
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Personal Finance
Authors: E. Thomas Garman, Raymond Forgue
9th Edition
0618938737, 978-0618938735
