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Tyler's net income is approximately $40,000 annually. He has borrowed $400,000 from the bank to buy a house (mortgage) and must pay 3% interest each year. What is the cost …

Tyler's net income is approximately $40,000 annually. He has borrowed $400,000 from the bank to buy a house (mortgage) and must pay 3% interest each year. What is the cost …
asked 84.0k views
7 votes
Tyler's net income is approximately $40,000 annually. He has borrowed

$400,000 from the bank to buy a house (mortgage) and must pay 3% interest
each year. What is the cost of borrowing the money?*

asked
User Syed Shibli
by
8.8k points

1 Answer

5 votes

Answer:

$400000 is the correct answer

answered
User Nodak
by
8.6k points
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