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Sonya took out a mortgage of $65,000 at 7% for 25 years. What is the cost of the mortgage?

Sagot :

abidemiokin

The cost of the mortgage is $81250

What are interests?


Interests are percentages of a principal

Given the following parameters

Principal = $65000

Rate = 7% = 0.07
Time = 5 years

Calculate the interest

I = PRT/100
I = 65000*0.07*25
I = 16,250

Determine the cost of the mortgage

Cost of mortgage = Principal + Interest

Cost of mortgage = 65000 + 16250
Cost of mortgage = 81,250

Hence the cost of the mortgage is $81250

Learn more on mortgage here: https://brainly.com/question/22846480

cmsummerfield30

Answer:

$72,823

Step-by-step explanation:

just took test

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