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28 June, 23:52

Frederick took out a 20-year loan for $70,000 at an APR of 2.2%, compounded monthly. Approximately how much would he save if he paid it off ...

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  1. 29 June, 00:05
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    70,000 * (1+.022/12) ^ (12*20)

    70,000 * (1.552081849 = 108,645.73

    108,645.73 - 70,000 = $38,645.73 in interest in 20 years
  2. 29 June, 00:06
    0
    70,000 * (1+.022/12) ^ (12*20)

    70,000 * (1.552081849 = 108,645.73

    108,645.73 - 70,000 = $38,645.73 in interest in 20 years
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