Question

Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?

A. $50,236.80 B. $5,023.68 C. $545.76 D. $54,576 E. None of these

Answer 1

The total finance charges for a mortgage of $48,000 with a rate of 11% over 15 years is $79,200.

Step-by-step explanation:

To calculate the total finance charges for a mortgage, you can use the formula:

Total Finance Charges = (Loan Amount) * (Rate) * (Loan Term)

Let's plug in the given values:

Total Finance Charges = $48,000 * 0.11 * 15

Total Finance Charges = $79,200

Therefore, the correct answer is E. None of these.