Question

Some friends tell you that they paid $33,846 down on a new house and are to pay $721 per month for 15 years. If interest is 4.5% compounded monthly, what was the selling price of the house? How much interest will they pay in 15 years? Selling price of the house: $ (Round to two decimal places as needed.)

Name: some friends tell you that they paid 33846 down on a new house and are to pay 721 per month for 15 years if interest is 45 compounded monthly what was the selling price of the house how much 76998
Uploaded: 2023-10-20T09:45:09-08:00
Duration: 5 min 8 s
Channel: Adi S
Description: some friends tell you that they paid 33846 down on a new house and are to pay 721 per month for 15 years if interest is 45 compounded monthly what was the selling price of the house how much 76998

          Some friends tell you that they paid $33,846 down on a new house and are to pay $721 per month for 15 years. If interest is 4.5% compounded monthly, what was the selling price of the house? How much interest will they pay in 15 years?
Selling price of the house: $
(Round to two decimal places as needed.)

some friends tell you that they paid 33846 down on a new house and are to pay 721 per month for 15 years if interest is 45 compounded monthly what was the selling price of the house how much 76998

Added by John W.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Adi S

10/20/2023

Step 1

First, let's find the present value of the loan, which is the amount borrowed. This is an ordinary annuity problem since payments are made at the end of each period. Given: Monthly payment (PMT) = $721 Number of years (t) = 15 years Annual interest rate (r) = Show more…

Show all steps

Thanks for your feedback!

Some friends tell you that they paid $33,846 down on a new house and are to pay $721 per month for 15 years. If interest is 4.5% compounded monthly, what was the selling price of the house? How much interest will they pay in 15 years? Selling price of the house: $ (Round to two decimal places as needed.)