A person who files bankruptcy ends up paying a 5% higher fixed interest rate on a 25-year home loan than a person who has not filed bankruptcy. The person that does not file bankruptcy pays a 7.5% interest rate. If the loan amount is $160,000, how much more does the person who filed bankruptcy pay in total interest on the home loan than the person who has not filed bankruptcy? a. $168,654.22 b. $562.18 c. $157,073.04 d. $110,878.95

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Mathematics

Humberto Johns

4 August, 13:29

A person who files bankruptcy ends up paying a 5% higher fixed interest rate on a 25-year home loan than a person who has not filed bankruptcy. The person that does not file bankruptcy pays a 7.5% interest rate. If the loan amount is $160,000, how much more does the person who filed bankruptcy pay in total interest on the home loan than the person who has not filed bankruptcy? a. $168,654.22 b. $562.18 c. $157,073.04 d. $110,878.95

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Matteo Tapia · Answer 1

You are given a 5% higher fixed interest rate on a 25-year home loan than a person who has not filed bankruptcy. The person that does not file bankruptcy pays a 7.5% interest rate. If the loan amount is $160,000, the person does more $168,654.22 who filed bankruptcy pay in total interest on the home loan than the person who has not filed bankruptcy.