Question

A 175,000 loan compounded monthly at 3.2% for 19 years. how much intrest was earned

Answer 1

Explanation:

I would need to get back to you

Answer 2

Interest earned = $146,196.75

Explanation:

A = $175,000

r = 3.2% = 0.032

n = 19

m = 12

FV = A*(1+i/m)^nm

FV = 175,000*(1+0.032/12)^19*12

FV = 175,000*(1+0.002667)^228

FV = 175,000*(1.002667)^228

FV = 175,000*1.83541

FV = $321196.75

Interest earned = $321,196.75 - $175,000

Interest earned = $146,196.75