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Kaila wants to borrow $175,000 for her mortgage.Timberwolf Bank offers a 15-year mortgage at an APR of 4.5%.

User Uzi
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1 Answer

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Answer:

At the end of the mortgage, $ 293,125 will have been paid.

Explanation:

Given that Kaila wants to borrow $ 175,000 for her mortgage, and Timberwolf Bank offers a 15-year mortgage at an APR of 4.5%, to determine the amount to be repaid after the end of the mortgage, the following calculation must be performed:

175,000 x (1 + 15 x 4.5 / 100) = X

175,000 x (1 + 67.5 / 100) = X

175,000 x (1 + 0.675) = X

175,000 x 1,675 = X

293.125 = X

Therefore, at the end of the mortgage, $ 293,125 will have been paid.

User Przemek Nowak
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