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Please help quickly what's the answer Ill give u brainlest
Richard deposits $193.67 every month into his mortgage. At the end of 30 years, he has a balance of $120,182.07. What interest has accrued (been earned) over 30 years?

Sagot :

Answer:

$50,460.87 of interest has been accrued.

Step-by-step explanation:

Richard deposits $193.67 every month into his mortgage.

Each year as 12 months. So after 30 years he will have deposited:

$193.67*12*30 = $69,721.2

At the end of 30 years, he has a balance of $120,182.07. What interest has accrued (been earned) over 30 years?

Interest is total subtracted by deposits. So

120,182.07 - 69,721.2 = $50,460.87

$50,460.87 of interest has been accrued.

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