Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent.
A)Payment size is $3,335.60 and the total interest paid is $604,135.00.
B)Payment size is $3,052.53 and the total interest paid is $1,304,135.00.
C)Payment size is $3,335.60 and the total interest paid is $1,304,135.00.
D)Payment size is $3,180.45 and the total interest paid is $604,135.00.
E)Payment size is $3,052.53 and the total interest paid is $445,112.50.

Question

Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent. ​
A)Payment size is $3,335.60 and the total interest paid is $604,135.00.
B)Payment size is $3,052.53 and the total interest paid is $1,304,135.00.
C)Payment size is $3,335.60 and the total interest paid is $1,304,135.00.
D)Payment size is $3,180.45 and the total interest paid is $604,135.00.
E)Payment size is $3,052.53 and the total interest paid is $445,112.50.

Quizplus · Accepted Answer

The Answer of Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent. ​
A)Payment size is $3,335.60 and the total interest paid is $604,135.00.
B)Payment size is $3,052.53 and the total interest paid is $1,304,135.00.
C)Payment size is $3,335.60 and the total interest paid is $1,304,135.00.
D)Payment size is $3,180.45 and the total interest paid is $604,135.00.
E)Payment size is $3,052.53 and the total interest paid is $445,112.50.

Find the Payment Size and the Total Interest Paid Over