11
QuizMultiple Choice

Bankruptcy

Question 11 • 26-27 Ignite Technical Math-Financial Math - MA2007

A person who files bankruptcy ends up paying a 6% higher fixed interest rate on a 30-year home loan than a person who has not filed bankruptcy. The person who files bankruptcy pays a 12% interest rate on their home loan. If the loan amount is $150,000, how much more in total interest do they pay than the person who has not filed bankruptcy?

Answer
A
$258,375.30
B
$643.59
C
$149,536.52
D
$231,693.52
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