Mortgage Repayment

Algebra Level pending

A house costs £200000. They buyers have 10% of the price and require a mortgage for the rest.

The bank offers them a 25 year mortgage at 7.5%. They are going to make equal payments in each of the 25 years and will have paid off the entire mortgage over 25 years.

The total amount they will spend is X. What are the last three digits of X when it is rounded to the nearest pound?

Note: The interest is paid at the end of every year and is added to the mortgage before the annual payment is made.


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