## Related questions with answers

Question

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Ivan and Vicki Egan have obtained a $160,000 mortgage loan at an annual interest rate of 7.5% for 20 years.

Solution

VerifiedStep 1

1 of 5Monthly Payment =

$\dfrac{\text{Amount of mortage}}{1,000} \times$Monthly payment for $\$1,000$ loan

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