Question

Use the table provided to determine the total amount paid on a 30 year fixed loan, at 6.0%, of $75,000.

$162,000

c.

$143,820

b.

$153,750

d.

$133,250

Answer 1

The right answer is A.162,000

Answer 2

162000

Explanation:

For 75000 paying in 30 years at 6% we have

Mortgage Summary

Monthly Payment $449.66

Total Interest Paid $86,879

9

Total of 360 Payments $161,879

Pay-off Date Feb, 2049

We find out of 4 options given 162000 is nearer to this 161879

Hence option of 162000 is the right answer.