Answer:
Option C- 264,192
Step-by-step explanation:
Given : The total amount paid on a 20 year fixed loan, at 5.5%, of $160,000.
To find : The amount
Solution : From the table we get that monthly payment per $1000 of mortgage when interest rate is 5.5% on a 20-year loan is
Monthly payment per $1000 mortgage is 6.88
Per $1000 the principle is $160
Time in months @@MATH_TOKEN_0@@ months
Amount paid for 240 months at principal $160 is
\(6.88\times 160\times 240=264192\)
Therefore, Option C is correct.
