Josiah took out a 30-year loan for $330,000 at 2.7% interest, compounded monthly. if his monthly payment on the loan will remain $1338.47 for the life of the loan, how much will josiah have paid in interest once the loan is paid off? a. $481,849.20 b. $330,000.00 c. $151,849.20 d. $338,910.00

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!