Solve the Problem

question 148

Multiple Choice

Solve the problem. If necessary, refer to the table below.
-In order to purchase a home, a family borrows $65,000 at an annual interest rate of 11%, to be paid back over a 30-year period in equal monthly payments. How much interest will they pay over the
30-year period? Round to the nearest dollar.

• A)$157,844
• B)$215,694
• C)$445,867
• D)$222,844

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Definitions:

Fraction

A mathematical expression representing the division of one quantity by another, indicating parts of a whole.

Square

A mathematical operation involving multiplying a number by itself, or a polygon with four equal sides and angles.

Square Root

A mathematical function that, for a given number, produces a value which, when multiplied by itself, gives the original number.

Mixed Number

A number composed of an integer and a fraction, representing a value greater than or equal to one.