Marcella house cost 120,000. she paid a 20 percent down payment and then borrowed the rest at 65 percent for 20 years. if she must pay $7.46 per $1000, how much will she repay after 20 years?

I took a quiz and got it wrong and the answer was 75,878

Step-by-step explanation:

Although this is only correct if you meant to say 6.5 percent not 65 percent.

Amount borrowed

120,000 * .8

$96,000

Total payments

amount borrowed * rate/thousand * 12 months/year * 20years

96,000 * 7.46/1,000 *12 * 20

$171,878.40

Finance charge

total payments - amount borrowed

171,878.4 - 96,000

$75,878.40 <––––––