Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges? (Use Table 15.1 in the textbook for the factor.)      A. $54,576 B. $50,236.80 C. $5,023.68 D. $545.76

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Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…

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

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.