Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 03, 2024

If your parents borrows $160,000 with a 30-year fixed-rate loan at 9% with monthly payments. How much total interest do they pay over the life

If your parents borrows $160,000 with a 30-year fixed-rate loan at 9% with monthly payments. How much total interest do they pay over the life of the loan?

a. $263,464

b. $303,464

c. $463,464

d. None of above

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

Recommended Textbook for

Every Womans Guide To Personal Finance

Authors: Rosanna Spero

1st Edition

0948035153, 9780948035159

More Books

Students also viewed these Finance questions

Question

★★★★★

Under what conditions would a change in lease provisions result in a lease being considered a new agreement?

Answered: 1 week ago

Question

★★★★★

Calculate the following floating point addition. (3 digits are assigned for the mantissa.) Show your calculations. 0.345 x 104 +0.767 x 103

Answered: 1 week ago

Question

★★★★★

Has your opinion of the insanity defense changed after reading the excerpt? Explain your answer.

Answered: 1 week ago

Question

★★★★★

Omar Corporation manufactures faucets. The variable costs of production are $37 per faucet. Fixed costs of production are $876,000. Omar sells the faucets for a price of $61 per unit. Required a. How...

Answered: 1 week ago

Question

★★★★★

If your parents borrows $160,000 with a 30-year fixed-rate loan at 9% with monthly payments. How much total interest do they pay over the life of the loan? a. $263,464 b. $303,464 c. $463,464 d. None...

Answered: 1 week ago

Question

★★★★★

Interest rates on 4-year Treasury securities are currently 8.0%, while 6-year Treasury securities yield 7.75%. If the pure expectations theory is correct, when market believe that 2-year securities...

Answered: 1 week ago

Question

★★★★★

Mr. Dizon would like to determine the average daily allowance of Harvard students What is the: Population VAriable of interest Type of variable (quantitative or qualitative) The Harvard marketing...

Answered: 1 week ago

Previous Question Next Question