Chris and Becky are comparing mortgages. The mortgage is for $183,500. If they choose 30 years at 5%, their monthly payment will be $985.07. If they choose 20 years at 4.5%, their monthly payment will be $1160.91. How much will be the total payback amount for each loan?

Total payback for Loan type 1 = $354,625.20

Total payback for Loan type 2 = $278,618.40

Explanation

Total payback of a loan consists of the summation of the amount of mortgage to be paid and total interest to be paid after the given number of years.

Total payback of a loan can also be calculated by multiplying your monthly payment of the loan by the total number of months given for payment.

a. For Loan type 1

In the question we have been given or monthly payment = $985.07

The formula for Total payback for Loan type 1 = Monthly payment × number of months

Numbers of years for payment of loan = 30 years

1 years = 12 months

Hence,

Number of months = 30 years × 12 months

Number of months = 360 months

Total payback of loan = $985.07 × 360 months

= $354,625.20

b. For Loan type 2

In the question we have been given or monthly payment = $1160.91

The formula for Total payback for Loan type 1 = Monthly payment × number of months

Numbers of years for payment of loan = 30 years

1 years = 12 months

Hence,

Number of months = 20 years × 12 months

Number of months = 240 months

Total payback of loan = $1160.91 × 240 months

= $278,618.4

125 yards

step-by-step explanation:

i take 75 plus 50.

hi there!

first we need to find out how much they are adding to each number to make the next number.

ex: 4 + 4 = 8, 8 + 8 = 16, and so on.

so continuing with 32,

32 + 32 = 64

64 + 64 = 128

128 + 128 = 256

256 + 256 = 512

4, 8, 16, 32, 64, 128, 256, 512

the 8th term of the sequence will be 512

hope this ! ~