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

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 rate = 6.24% (But we need the monthly interest rate, so we divide by 12. Also, we need to convert the percentage to a decimal, so we divide by 100) r = 6.24/(12100) = 0.0052 n = 30 years (But we need this in months, so we multiply by 12) n = 3012 = 360 months

Substituting these values into the formula:

Total Payment = 175000 * (0.0052(1 + 0.0052)^360) / ((1 + 0.0052)^360 - 1)

Calculating this gives us a monthly payment of approximately $1079.19.

To find the total payments over 30 years, we multiply the monthly payment by the number of months:

Total Payment = $1079.19 * 360 =$388,908.40

So, the total payment over 30 years would be approximately $388,908.40. This option is not given in your choices. Please check the values or the options again.