Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?

Question

Quizplus · Accepted Answer

The total finance charges are the total amount of interest paid over the life of the loan. To calculate the total finance charges, we can use the following formula:Total finance charges = Principal x (Interest rate / 12) x (Number of months)In this case, the principal is $48,000, the interest rate is 11%, and the number of months is 15 x 12 = 180.Plugging these values into the formula, we get:Total finance charges = $48,000 x (0.11 / 12) x 180 = $50,236.80Therefore, the total finance charges are $50,236.80.

Given a Mortgage of $48,000 for 15 Years with a Rate