Ben and Jane have been approved for a $220,000 loan, 30-year mortgage with an APR of 3.82%. What will be their total interest for the 30 years?

Answers

Answer 1
220,000 times 3.82 = 840400 divided by 30 equals 28,013
Answer 2

The total interest on the loan will be $457,412,82892.

What is a mathematical equation and expression?A mathematical expression is made up of terms (constants and variables) separated by mathematical operators.A mathematical equation is used to equate two expressions.

Given is that Ben and Jane have been approved for a $220,000 loan, 30 - year mortgage with an APR of 3.82%.

We can find the total interest on loan, using the formula -

I = {P(1 + APR/100)^t − P}

The principal amount of loan = $220,000

Compound APR = 3.82%

Time = 30 years

Using the formula, we get -

220,000[1 + 0.0382]^30−220,000

220000{[1 + 0.0382]^30 - 1}

$457,412,82892

Therefore, the total interest on the loan will be $457,412,82892.

To solve more questions on mortgage loans, visit the link below -

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