Question

An individual borrowed​ $73,000 at an APR of 3​%, which will be paid off with monthly payments of​ $356 for 24 years. What is the payment amount?

Answer 1

$102,528

Explanation:

The total amount paid mequivalent to the number of monthly payments times the number of months.

-Given the monthly payment is $356 and the loan term is 24 years, the total amount is calculated as:

`=356* 24* 12\\\\=102,528`

Hence, the total payment amount is $102,528