# Suppose that the total interest that will be paid on a 25-year mortgage from a home loan of \$130,000 is going to be \$380,000. What will be the payments each month if the payments are to pay off both the loan and the interest (rounded to the nearest hundredth)?

Question
1 views

Suppose that the total interest that will be paid on a 25-year mortgage from a home loan of \$130,000 is going to be \$380,000. What will be the payments each month if the payments are to pay off both the loan and the interest (rounded to the nearest hundredth)?

check_circle

Step 1

The loan = \$ 130,000

Interest is = \$ 380,000

Total loan and the interest= ( 130,000 + 380,000)= \$ 510000

Step 2

In 1 year there are 12 months.

In  25 ye...

### Want to see the full answer?

See Solution

#### Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in
MathAlgebra

### Other 