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31 May, 22:19

Angel Graham takes out a $150,000 mortgage. This is a 30-year at $725 per month. What is the total amount of interest that Angel will pay on this mortgage?

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  1. 31 May, 22:40
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    The formula to get the total amount of interest is: P (1+r/n) ^ (nt) - P

    Where:

    P - Principal amount of the mortgage

    r - interest rate ($725/$150,000)

    n - number of times the amount is compounded per year (in this case monthly)

    t - tenor of the mortgage

    Which is 150000 * (1+0.00483/12) ^ (12*30) - 150000 when the given amounts are substituted. The answer then is: 23,383.54.
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Home » Business » Angel Graham takes out a $150,000 mortgage. This is a 30-year at $725 per month. What is the total amount of interest that Angel will pay on this mortgage?
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