Using an online loan calculator, find the total cost of repaying a $75,000 mortgage loan with a 4.5% fixed annual interest rate compounded monthly and a 30-year loan term.(1 point)

Question

Responses

$61,805.03
$61,805.03

$75,000
$75,000

$380.01
$380.01

$136,805.03

Answer 1

By inputting the loan amount ($75,000), interest rate (4.5%), loan term (30 years), and compounding frequency (monthly), the online loan calculator would show the total cost of repaying the mortgage loan to be $136,805.03.