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wth9erinessraley
wth9erinessraley wth9erinessraley
  • 08-05-2016
  • Mathematics
Answered

marcella's house costs $120,000. she paid a 20% down payment and then borrowed the rest at 6.5% for 20 years how much will she borrow

Verified Answer :

Hagrid
Hagrid Hagrid
  • 22-05-2016

120 000 dollars is the cost of her house.
She paid a downpayment which is 20% of it.
120000 .20 = 24000 dollars 
=> 120 000 - 24 000 = 96 000 dollars.
She paid it for installment for 20 years wth 6.5% interest.
=> 96000
.065 = 6240 dollars interest per year
=> 6240 dollars * 20 years = 124 800 dollars 
=>  96 000 + 124 800 = 220 800 dollars.

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