Answered: You are purchasing a home for $150,000…

You are purchasing a home for $150,000 at a 4% APR. Your loan period is 360 months. If you make payments of $1,150, how much will your equity be in ten years? $136,200 $54,287 $87,543 $13,800 $95,712

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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Question

You are purchasing a home for $150,000 at a 4% APR. Your loan period is 360 months. If you make payments of $1,150, how much will your equity be in ten years?

$136,200

$54,287

$87,543

$13,800

$95,712