Matt Johnson takes out a mortgage for $240,000. There is a loan of 30 years at $1,200 per month. This gives a total interest of $192,000. What is the APR using the formula?

Question

Mathematics

Ralph Mcbride

3 April, 11:01

Matt Johnson takes out a mortgage for $240,000. There is a loan of 30 years at $1,200 per month. This gives a total interest of $192,000. What is the APR using the formula?

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Answers (2)

Know the Answer?

Kingston Washington · Answer 1

APR = ((2*12*192,000) : (240,000*361)) * 100

=5.32%

Miya Mccormick · Answer 2

The correct answer of the given question above would be 4.587%. The APR for the given values above which are Mortgage is $240,000, with a loan term of 30 years with a monthly of $1,200 which gives a total interest of $192,000, would be 4.587%. The total payments that would be made is $432,000. Hope this is the answer that you are looking for.