Question

Ellis took out a 20 year loan for $70,000 at an APR of 12.5% compounded monthly approximately what would be the total cost of his loan if he paid it off 14 years early

Answer 1

Answer: b) 120,222.20 apex

Explanation:

Answer 2

120,222.20 dollars

Explanation:

Given that Ellis took out a 20 year loan for $70,000 at an APR of 12.5% compounded monthly.

Tenure of the loan =20-14years=6 years

Total amount paid = 120,222.20

Thus we find that when compounded monthly approximately the total of his loan would be 120,222.20