bankscorneliuso39
24.04.2020 •
Mathematics
Chris and Becky are comparing mortgages. The mortgage is for $183,500. If they choose 30 years at 5%, their monthly payment will be $985.07. If they choose 20 years at 4.5%, their monthly payment will be $1160.91. How much will be the total payback amount for each loan?
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Ответ:
Total payback for Loan type 1 = $354,625.20
Total payback for Loan type 2 = $278,618.40
Explanation
Total payback of a loan consists of the summation of the amount of mortgage to be paid and total interest to be paid after the given number of years.
Total payback of a loan can also be calculated by multiplying your monthly payment of the loan by the total number of months given for payment.
a. For Loan type 1
In the question we have been given or monthly payment = $985.07
The formula for Total payback for Loan type 1 = Monthly payment × number of months
Numbers of years for payment of loan = 30 years
1 years = 12 months
Hence,
Number of months = 30 years × 12 months
Number of months = 360 months
Total payback of loan = $985.07 × 360 months
= $354,625.20
b. For Loan type 2
In the question we have been given or monthly payment = $1160.91
The formula for Total payback for Loan type 1 = Monthly payment × number of months
Numbers of years for payment of loan = 30 years
1 years = 12 months
Hence,
Number of months = 20 years × 12 months
Number of months = 240 months
Total payback of loan = $1160.91 × 240 months
= $278,618.4
Ответ:
10:40 AM
Step-by-step explanation:
10 + 50 = 1 hr + 1hr = 2hrs 12:40 - 2 hrs = 10:40 AM