Question

Frederick took out a 20-year loan for $70,000 at an APR of 2.2%, compounded monthly. Approximately how much would he save if he paid it off ...

Answer 1

70,000 * (1+.022/12)^(12*20)

70,000 * (1.552081849 = 108,645.73

108,645.73 - 70,000 = $38,645.73 in interest in 20 years

Answer 2

70,000 * (1+.022/12)^(12*20)

70,000 * (1.552081849 = 108,645.73

108,645.73 - 70,000 = $38,645.73 in interest in 20 years