1 Answer

Shufflingb · Answer 1 · 2023-03-05T19:01:38+0000

Kerri takes out a mortgage for $55,000 at 9% for 25 years.

Therefore, from the data given on the monthly payments for mortgages, her monthly payment is

$\text{ \$461.56}$

The total payment will be

$Total\text{ payment=Monthly payment }*12* Number\text{ of years}$

Therefore,

$Total\text{ payment=461.56}*12*25=\text{ \$138468}$

Hence, the total amount paid is

$\text{ \$138,468}$

The cost of the mortgage will be;

$Cost\text{ of mortgage=Total amount - Principal amount}$

Therefore,

$Cost\text{ of mortgage=\$138,468-\$55,000=\$83468}$

Hence, the cost of the mortgage is

$\text{ \$}83,468$

Final answers

Monthly payment

$\operatorname{\$}\text{461.56}$

The total amount paid

$\operatorname{\$}\text{138,468}$

The cost of the mortgage

$\operatorname{\$}83,468$

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