harrisakeeyah
15.02.2020 •
Mathematics
Bob and Betty Brown have just applied for a new loan in the amount of $80,000. The interest rate of the note is 10.25%. The debt service is $708 per month. The note is a 30-year loan. What is the total interest, which will be paid by the borrower over the 30-year term?
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Ответ:
$174880
Step-by-step explanation:
1 year has 12 months, which means that 30 years is
30*12 = 360 months.
We are given in the task that the debt service is $708 per month. which means, for 30 years, the borrower will pay
360*708 = $254880
So, the total interest which will be paid by the borrower over the 30 - year term is
$254880 - $80000= $174880
Ответ:
12.54 is your answer, this should be right!