Question

An individual borrowed ?$89000 at an APR of 6?%, which will be paid off with monthly payments of ?$638 for 20 years. The number of payments per year

Answer 1

Answer: Total payments = $153,120

Interest paid = $64,120

Explanation:

$638 x 12 months x 20 years = $152,120

Paid: $152,120

Borrowed: $89,000

Difference: $64,120