Explanation Given: The amount owed in a house is $ 1 , 40 , 000 . The monthly payment to repay principal and interest amount at the interest rate of 8.5% for 30 years is given as $ 1 , 076.48 . The number of monthly payments that will be over a period of 30 years is 360. Formula used: I = Total Amount Paid − Amount Financed . Calculation: The total amount that is paid for principal and interest is $ 3 , 87 , 582

Mathematical Ideas with Integrated Review and Worksheets plus NEW MyLab Math with Pearson eText -- Access Card Package (Integrated Review Courses in MyLab Math and MyLab Statistics)

1st Edition

ISBN: 9780321977274

Author: Miller, Charles, Heeren, Vern, HORNSBY, John, Christopher

Publisher: PEARSON

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Chapter 13.4, Problem 21E

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To calculate: The total interest if the amount owed in a house is $1,40,000 and the monthly payment to repay principal and interest amount at the interest rate of 8.5% for 30 years is as $1,076.48.

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Chapter 13.4, Problem 20E

Chapter 13.4, Problem 22E

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Chapter 13 Solutions

Mathematical Ideas with Integrated Review and Worksheets plus NEW MyLab Math with Pearson eText -- Access Card Package (Integrated Review Courses in MyLab Math and MyLab Statistics)

Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...

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The total interest if the amount owed in a house is $ 1 , 40 , 000 and the monthly payment to repay principal and interest amount at the interest rate of 8.5% for 30 years is as $ 1 , 076.48 .

Solution Summary: The author calculates the total interest if the amount owed in a house is 1,40,000 and the monthly payment to repay principal and interest amount at the interest rate of 8.5% for 30 years is given as

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To calculate: The total interest if the amount owed in a house is $1,40,000 and the monthly payment to repay principal and interest amount at the interest rate of 8.5% for 30 years is as $1,076.48.

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Chapter 13 Solutions