Using the “PMT” formula or the amount of a regular payment formula, solve this: Brad decides to purchase a $185,000 house. He wants to finance the entire balance. He has received an APR of 2.9% for a 20-year mortgage. What is Brad’s total cost if he takes all 20 years to pay off the house? Round your answer to the nearest hundredth.

Using the “PMT” formula or the amount of a regular payment formula, solve this: Brad decides to purchase a $185,000 house. He wants to finance the entire balance. He has received an APR of 2.9% for a 20-year mortgage. What is Brad’s total cost if he takes all 20 years to pay off the house? Round your answer to the nearest hundredth.

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...

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