Your second mortgage of $31,200 is at a rate of 10.7% compounded quarterly for 8 years. what total will you have paid for your second mortgage after 8 years?

The Amount paid after 8 years is $72611.76

Step-by-step explanation:

Given as :

The principal mortgage = p = $31,200

The rate of interest = r = 10.7%  compounded quarterly

The time period of mortgage = t = 8 years

Let The Amount paid after 8 years = $A

Now, According to question

From Compounded Interest method

Amount = Principal ×

Or, A = p ×

Or, A = $31,200 ×

Or, A = $31,200 ×

Or, A = $31,200 × 2.3273

∴ A = $72611.76

So, The Amount paid after 8 years = A = $72611.76

Hence, The Amount paid after 8 years is $72611.76  Answer