Find the total payments if the loan is $175,000 compounded at 6.24% for 30 years?Group of answer choices$387,493.20$399,499.99$337,792.19$391252.46
Question
Solution 1
To find the total payments for a loan, we can use the formula for the total payment of a loan, which is:
Total Payment = P * (r(1 + r)^n) / ((1 + r)^n - 1)
where: P = principal amount (the loan amount) r = monthly interest rate n = number of payments (months)
Given: P = $175,000 Annual interest r Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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