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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
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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

User Zeeshanef
by
7.7k points

2 Answers

4 votes

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

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

User Atyc
by
7.2k points
2 votes

Answer:

$251,618 is the answer

Explanation:

User Maelish
by
7.4k points
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