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30 March, 06:53

With a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?

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  1. 30 March, 07:08
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    From the information given, the total finance charges for the mortgage will be given by:

    M=P{[r (1+r) ^n]/[ (1+r) ^n-1]}

    P=$48,000

    r=11%

    n=15 years

    Hence substituting the values in our formula we get:

    M=48,000{0.11 (1+0.11) ^15}/{ (1+0.11) ^15-1}

    M=6675.131

    thus total charges will be:

    48000+6675.131

    =$54675.131
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