In order to purchase a home, a family borrows $60,000 at an annual interest rate of 11%, to be paid back over a 30 year period in equal monthly payments. Find the total amount paid to the finance company for the life of the
Loan. Round your answer the nearest dollar.
A) $198,000
B) $199,461
C) $201,934
D) $205,702

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The Answer of In order to purchase a home, a family borrows $60,000 at an annual interest rate of 11%, to be paid back over a 30 year period in equal monthly payments. Find the total amount paid to the finance company for the life of the
Loan. Round your answer the nearest dollar.
A) $198,000
B) $199,461
C) $201,934
D) $205,702

In Order to Purchase a Home, a Family Borrows $60,000