dharmalynn dharmalynn

08-02-2017
Mathematics

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Kandy is financing a $335,000 mortgage for 30 years at a fixed rate of 7.45%. What is the total cost of the principal and interest after 30 years?

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MissPhiladelphia MissPhiladelphia

21-02-2017

You are given a mortgage of $335,000 for 30 years at a fixed rate of 7.45%. To find the total cost of the principal and interest after 30 years, you need to use the compound interest formula F = P(1+i)^n. The answer is $38264

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