shantyg519
Answered

At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Explore in-depth answers to your questions from a knowledgeable community of experts across different fields. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Suppose you make monthly mortgage payments of $1,345 and have 10 years left on the mortgage (next payment due next month). Assuming a 3.6% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage? ​

Sagot :

I will need $1,61,884.2 to pay off the mortgage.

This problem is related to simple interest and we have to calculate the amount after 10 years which is payable in the form of mortgage.

The monthly mortgage payment is $1,345.

Rate of interest is 3.6% per annum.

Time is given to be 10 years.

Simple interest for 10 years = 1345×3.6×10/100

                                            = $ 484.2

So, the total money required to clear the mortgage

= $(1345×12×10) + $ 484.2

= $161400 + $484.2

= $ 1,61,884.2

To learn more about Simple Interest visit the link:

https://brainly.com/question/25845758

#SPJ9

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.