A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • 5 years ago

Matt Johnson takes out a mortgage for $240,000. There is a loan of 30 years at $1,200 per month. This gives a total interest of $182,000. What is the APR using the formula?

  • This Question is Closed
  1. Owlfred
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Hoot! You just asked your first question! Hang tight while I find people to answer it for you. You can thank people who give you good answers by clicking the 'Good Answer' button on the right!

  2. amistre64
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    182+240 = 240(1+.%)^30 422/240 = (1+.%)^30 30rt(211/120) = 1 + .% 30rt(211/120) - 1 = .% =abt .01899 APR might be abt 1.9%

  3. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.