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(1 point) Sarah bought a house and makes payments of $1200 monthly for 22 years. If...

(1 point) Sarah bought a house and makes payments of $1200 monthly for 22 years. If the mortgage interest rate is j52=5.5%j52=5.5%,what was the size of her original mortgage loan?

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Answer #1

We can calculate the original mortgage loan taken by sarah by using the excel sheet as follows:

Formulas used in the excel sheet are

So, the total amount of loan taken by sarah comes out to be $ 183,528.58 or $ 183,529 approx

Hope I am able to solve your concern. If you are satisfied hit a thumbs up !!

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