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An individual borrowed​ $73,000 at an APR of 3​%, which will be paid off with monthly payments of​ $356 for 24 years. What is the payment amount?

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opudodennis

Answer:

$102,528

Step-by-step explanation:

The total amount paid mequivalent to the number of monthly payments times the number of months.

-Given the monthly payment is $356 and the loan term is 24 years, the total amount is calculated as:

[tex]=356\times 24\times 12\\\\=102,528[/tex]

Hence, the total payment amount is $102,528

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