Frederick took out a 20-year loan for $70,000 at an APR of 2.2%, compounded monthly. Approximately how much would he save if he paid it off ...

Question

Caleb Rodgers

16 September, 10:34

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Answers (2)

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Marco · Answer 1

70,000 * (1+.022/12) ^ (12*20)

70,000 * (1.552081849 = 108,645.73

108,645.73 - 70,000 = $38,645.73 in interest in 20 years

Orion Elliott · Answer 2

70,000 * (1+.022/12) ^ (12*20)

70,000 * (1.552081849 = 108,645.73

108,645.73 - 70,000 = $38,645.73 in interest in 20 years