Math  /  Word Problems

QuestionCalculate the total payback for a \249,000mortgage:15yearsat4%(249,000 mortgage: 15 years at 4\% (1841.82/month) and 20 years at 5\% ($1643.29/month).

Studdy Solution
Calculate the total payback amount for the second loan.
Totalpaybackamountforsecondloan=$1643.29times20times12=$394,390.80Total\, payback\, amount\, for\, second\, loan = \$1643.29 \\times20 \\times12 = \$394,390.80The total payback amount for the first loan is \$331,527.60 and for the second loan is \$394,390.80.

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