Question

Marcella's house cost $120 000. she paid 20 percent down payment and then borrowed the rest at 6.5 percent for 20 years. if she must oay 7.46 per 1000 how much will she reapayvover 20 years rounded to the nearset dollar

$523.02

$541.65

$716.16

$753.60

Answer 1

20% of 120,000 is 24,000 so 120,000-24,000 is 96,000

Now if she pays 7.46 for every 1000 she will have to repay 716.16 over 20 years.

Explanation:

Answer 2

The correct answer is option C, $716.16

Explanation:

Cost of Marcella's house = $120 000

Down payment done = 20 % of the total cost

= 20 % x $120 000

= $ 24000

Amount pending for payment after the down payment

= $120 000 - $ 24000

= $ 96000

Amount to be paid at the rate of 7.46 per 1000

= $ 96000 x ($ 7.46 /1000 dollars)

= $ 96 x 7.46

= $ 716.16