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15 April, 08:48

Colleen took out a 30 year loan for $145,000 at and apr of 4.5% compounded monthly. Approximately what would the be total cost of her loan if she paid it off 8 years early?

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  1. 15 April, 09:13
    0
    total cost of her loan be if she paid it off 8 years early $389,507.11

    Step-by-step explanation:

    The formula for annual compound interest, including principal sum P, rate of interest r, number of years t, and the number of times that interest is compounded per year is n:

    A = P (1 + r/n) ^ (nt)

    calculate total cost after 22 years

    P = $145,000

    r = 4.5 %

    t = 22 years

    n = 12

    A = P (1 + r/n) ^ (nt)

    A = 145,000 (1 + 4.5/12) ^ (22x12)

    A = $389,507.11
  2. 15 April, 09:15
    0
    the APEX answer is $253,096.84
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