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25 February, 02:15

Ellis took out a 20 year loan for $70,000 at an APR of 12.5% compounded monthly approximately what would be the total cost of his loan if he paid it off 14 years early

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  1. 25 February, 03:40
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    Answer: b) 120,222.20 apex
  2. 25 February, 03:55
    0
    120,222.20 dollars

    Step-by-step explanation:

    Given that Ellis took out a 20 year loan for $70,000 at an APR of 12.5% compounded monthly.

    Tenure of the loan = 20-14years=6 years

    Total amount paid = 120,222.20

    Thus we find that when compounded monthly approximately the total of his loan would be 120,222.20
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