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7 January, 10:52

Marcella's house costs $120,000. she paid a 20% down payment and then borrowed the rest at 6.5% for 20 years how much will she borrow

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  1. 7 January, 11:04
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    120 000 dollars is the cost of her house.

    She paid a downpayment which is 20% of it.

    120000 *.20 = 24000 dollars

    => 120 000 - 24 000 = 96 000 dollars.

    She paid it for installment for 20 years wth 6.5% interest.

    => 96000 *.065 = 6240 dollars interest per year

    => 6240 dollars * 20 years = 124 800 dollars

    => 96 000 + 124 800 = 220 800 dollars.
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