Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ervin has a 25-year mortgage for $196,000. His loan has 2.9% annual fixed interest compounded monthly. After Ervin makes all the payments, what is the
Ervin has a 25-year mortgage for $196,000. His loan has 2.9% annual fixed interest compounded monthly. After Ervin makes all the payments, what is the total cost of his loan?
a. $232,191.00 dollars
b. $79,787.00 dollars
c $36,191.00 dollars
d. $275,787.00
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