Tom wishes to purchase a property that has been valued at $300,000. He has $30,000 available as a deposit, and will require a mortgage for the remaining amount. The bank offers him a 25-year mortgage at 2% interest, compounded monthly. Calculate the total interest paid on the mortgage. Round your answer to the nearest dollar.
+4
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Tom wishes to purchase a property that has been valued at $300,000. He has $30,000 available as a deposit, and will require a mortgage for ...” 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.
Home » Mathematics » Tom wishes to purchase a property that has been valued at $300,000. He has $30,000 available as a deposit, and will require a mortgage for the remaining amount. The bank offers him a 25-year mortgage at 2% interest, compounded monthly.