Carlos purchased a house for $230,000 ; he paid $11500 as a down payment and financed the balance amount at 3.9% compounded monthly for 25 years. the monthly payment is XXXXXXXXXX. a) What was the...


Carlos purchased a house for$230,000; he paid$11500 as a down payment and financed the balance amount at3.9% compounded monthly for25
years. the monthly payment is 1141.293.


a) What was the amount of interest charged for the entire loan?


b) If Carlos pays an additional $100 per month, how many periods will it take to pay off the load?


c) If Carlos pays an additional $100 per month, how much interest will be saved?



Jun 10, 2022
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