Compute the total amount repaid on a mortgage for $70,000 at 9% for 35 years.

9% @ 35/year = 7.84

Question

Gordon Eaton

Mathematics

8 February, 18:34

Compute the total amount repaid on a mortgage for $70,000 at 9% for 35 years.

9% @ 35/year = 7.84

+4

Answers (1)

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Heaven Howard · Answer 1

This problem can be solved by simple economics. Since compounding interest is not specified, let's keep it simple and just deal with simple interest. The equation to use is:

F = P (1+rn)

where

F is future worth

P is present worth

r is interest rate

n is time

F = (70,000) (1+0.09*35)

F = $290,500

Compute the total amount repaid on a mortgage for $70,000 at 9% for 35 years.9% @ 35/year = 7.84

Compute the total amount repaid on a mortgage for $70,000 at 9% for 35 years.

9% @ 35/year = 7.84