Question

Gustave and Hanna Rio have obtained an $80,000 mortgage loan on a small retirement condominium at an annual interest rate of 7.5% for 30 years. What is the total amount to be paid in dollars

Answer 1

$700,396.42 ≈ $700,396

Explanation:

A=P(1+r)^t

=80000(1+.075)³⁰ ==> ORDER OF OPERATIONS!!!

=80000(1.075)³⁰

=80000(8.755)

≈700,396.42