Calculate the total payments on a $100,000 mortgage.The mortgage is for 15 years and the interest rate is 6.375.
A)$155,565
B)$156,085
C)$154,742
D)$162,101

Question

Quizplus · Accepted Answer

The total payments on a $100,000 mortgage for 15 years at 6.375% interest is $155,565. This can be calculated using the formula:Total payments = (Loan amount * Interest rate * Number of years) / (1 - (1 + Interest rate)^(-Number of years))Plugging in the values, we get:Total payments = (100000 * 0.06375 * 15) / (1 - (1 + 0.06375)^(-15))= $155,565

Calculate the Total Payments on a $100,000 Mortgage