A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest payment totaling $2,042.71. How many payments will the borrower make over the course of the loan?

borrower will have 180 payments

Explanation:

given data

time = 15 years

loan amount = $250,000

interest rate = 5.5%

principal and interest payment totaling = $2,042.71

solution

we know that in 1 year = 12 months

and here loan time period is 15 years

and we consider here loan is not paid off early so

borrower payment for = 12 monthly * 15 years

borrower payment for = 180 payment

so borrower will have 180 payments