Question

Chris is purchasing a house and needs to finance a $150,000 mortgage from the bank with an annual percentage rate (APR) of 3.8%

He is financing it over 30 years and making monthly payments. What is the total amount Chris will pay back to the bank?

Group of answer choices

$501,796

$299,998

$251,618

$150,001

Answer 1

From the previous question, we know he pays $698.94 monthly.

He has to make 360 payments. $698.94 * 360 = $251,618

Answer 2

$251,618 is the answer

Explanation: