Ask Question
26 November, 00:56

Weekly payment of$315.07 are made for 25 years on a $ 212 000 home mortgage. What's the total interest paid on the loan.?

+3
Answers (1)
  1. 26 November, 01:12
    0
    it depends: $197,591.00 if you count 52 weeks per year; $198,851.28 if you count 365.25 days per year and 7 days per week.

    Step-by-step explanation:

    If we consider a year to be 52 weeks, then the total number of payments is ...

    25*52 = 1300

    The total amount paid is then ...

    1300*$315.07 = $409,591.00

    The difference between this and the loan amount is the interest paid:

    $409,591 - 212000 = $197,591

    __

    If you take into account the extra days in each year and the leap years, very likely there would be 4 more payments in 25 years. Then the total interest is ...

    1304*$315.07 - 212,000.00 = $198,851.28
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Weekly payment of$315.07 are made for 25 years on a $ 212 000 home mortgage. What's the total interest paid on the loan.? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers