Anton took out a 20-year loan for $90,000 at an APR of 10.5%, compounded monthly. Approximately what would be the total cost of his loan if he paid it
off 12 years early?

$200,051

Step-by-step explanation:

12 years early means paid off after 8 years.

We use the equation:    cost = 90,000 x 1.105^8

to find the cost of the loan after 8 years. This gives us the value of 200,051.00 to the nearest cent.

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step-by-step explanation:

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