Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Connect with professionals on our platform to receive accurate answers to your questions quickly and efficiently. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Please help quickly what's the answer Ill give u brainlest
Richard deposits $193.67 every month into his mortgage. At the end of 30 years, he has a balance of $120,182.07. What interest has accrued (been earned) over 30 years?


Sagot :

Answer:

$50,460.87 of interest has been accrued.

Step-by-step explanation:

Richard deposits $193.67 every month into his mortgage.

Each year as 12 months. So after 30 years he will have deposited:

$193.67*12*30 = $69,721.2

At the end of 30 years, he has a balance of $120,182.07. What interest has accrued (been earned) over 30 years?

Interest is total subtracted by deposits. So

120,182.07 - 69,721.2 = $50,460.87

$50,460.87 of interest has been accrued.