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M=592000 (0.05575)(1+0.05575)^(12*30)/(1+0.05575)^(12*30)-1 ?

Arnold is financing a condominium for $592,000. He gets a 30-year, fixed rate mortgage with a rate of 5.575%. How much interest will he pay over the life of his loan? Round to the nearest dollar.

Question

#RightOrWrong
M=592000 (0.05575)(1+0.05575)^(12*30)/(1+0.05575)^(12*30)-1 ?

Arnold is financing a condominium for $592,000. He gets a 30-year, fixed rate mortgage with a rate of 5.575%. How much interest will he pay over the life of his loan? Round to the nearest dollar.

anonymous · Answer

$1,220,119

 $43,585

 $181,614

 $628,119

anonymous · Answer

M=592000 (0.0046458333)(1+0.0046458333)^(12*30)/(1+0.0046458333)^(12*30)-1 <------ changed

anonymous · Answer

0.05575/12 = 0.0046458333

anonymous · Answer

2749.33 ? not in my choices .