With a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?

From the information given, the total finance charges for the mortgage will be given by:

M=P{[r (1+r) ^n]/[ (1+r) ^n-1]}

P=$48,000

r=11%

n=15 years

Hence substituting the values in our formula we get:

M=48,000{0.11 (1+0.11) ^15}/{ (1+0.11) ^15-1}

M=6675.131

thus total charges will be:

48000+6675.131

=$54675.131