Question

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?

Answer 1

Answer:

50,460.87

Step-by-step explanation:

To do this we first need to figure out how much he deposited without any interest to do this we do 193.67*12 to find out how much he deposited per year, then we multiply this number by 30 to find out how much he deposited in total. After finding this we subtract this number from the total balance to calculate the interest

Answer 2

193.67x12=2324.04
1 year=2324.04
2324.04 x 30 years=69,721.20
120,182.07 - 69,721.20=50,460.87

Answer is $50,460.87

Hope that helps :)