Question: You borrowed $ 1 8 5 , 0 0 0 for 3 0 years to buy a house. The interest rate is 4 . 3

You borrowed $185,000 for 30 years to buy a house. The interest rate is 4.35 percent compounded monthly. If you pay all of your monthly payments as agreed, how much total interest will you pay on this mortgage? (Round the monthly payment to the nearest whole cent.)
a. $141,406
b. $147,027
c. $154,319
d. $150,408
e. $146,542
You borrowed $185,000 for 30 years to buy a house. The

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

On January 1, a company agrees to pay $29,000 in four years. If the annual interest rate is 4%, determine how much cash the company can borrow with this agreement. PV of $1. EV of $1. PVA of S1, and...

Q:

1. Calculate the future value of an annuity for each of the following cases: - (a) RM3,000 per month for 5 years at interest rate 9% compounded monthly. (b) RM100,000 per month for 20 years at...

Q:

what are the answers? Exercise B-1 Present value of an amount LO P1 Mike Der Company expects to earn 8% per year on an investment that will pay $606,000 five years from now. (PV of $1. FV of $1. PVA...

Q:

Mike Derr Company expects to earn 8% per year on an investment that will pay $606,000 eight years from now. (PV of $1. FV of $1. PVA of $1. and FVA of $1) (Use appropriate factor(s) from the tables...

Q:

c. (C) Between 13 percent and 14 percent O d. (D) Approximately 21 percent + Using a discount rate of 6 percent, what is the net present value of an investment with the following cash flow structure?...

Q:

answers? Exercise B-2 Present value of an amount LO P1 On January 1, a company agrees to pay $25,000 in three years. If the annual interest rate is 8%, determine how much cash the company can borrow...

Q:

Comprehensive Case Study - Chapters 1-4 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting assists business owners with their accounting needs. Each...

Q:

A,B,C,D are already solved please solve the next parts. Comprehensive Case Study - Chapters 1-4 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting...

Q:

On January 1, a company agrees to pay $24,000 in six years. If the annual interest rate is 10%, determine how much cash the company can borrow with this agreement. (PV of $1, FV of $1, PVA of $1, and...

Q:

only solve e and next parts Comprehensive Case Study - Chapters 1-4 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting assists business owners with...

Q:

What is the second-stage procedure in assigning costs to products when using an activity-based costing system?

Q:

An alternative proof of Theorem 3 based on the generalized pigeonhole principle is outlined in this exercise. The notation used is the same as that used in the proof in the text. a) Assume that ik n...

Q:

Exercise 1.13 Suppose that we are developing a new version of the AMD Barcelona processor with a 4 GHz clock rate. We have added some additional instructions to the instruction set in such a way that...

Q:

Skills necessary for success in marketing include Multiple select question. analytical thinking advertising industry experience infallibility ability to work with others

Q:

Summarize some human resource management training initiatives.

Q:

Summarize the training and development process.

Q:

Explain the concept of careers and career paths.