Answer:
Step-by-step explanation:
Loan APR is 5.535%
Loan information:
Mortgage amount:
$125,000
Term in years:
Interest rate:
5.3%
Monthly payment:$694.13
Answer:
The total amount paid by Jamal will be $408.38
Step-by-step explanation:
Jamal has been approved for $125,000 loan.
Time or t = 30-year
r = 5.3% or 0.053
He made a 10% down payment, means 90% was loan.
[tex]125000\times0.9=112500[/tex]
This amount multiplied by rate.
=> [tex]112500\times0.053=5962.50[/tex]
For per day value, divide this by 365.
[tex]\frac{5962.50}{365}[/tex] = $16.335
Given is the deal is closing on April 5th. April has 30 days, so, there are 25 days left.
So, the final amount becomes = [tex]16.335\times25=408.375[/tex] ≈ $408.38
