A $300,000.00 thirty year mortgage has a monthly payment of $1,798.65. Over the life of the...
A $300,000.00 thirty year mortgage has a monthly payment of $1,798.65. Over the life of the mortgage, how much money do you pay in interest?
Select one:
a. $245,876.98
b. $347,514.00
c. $647,514.00
d. $300,000.00
Homework Answers
ANS b. $347,514.00
TOTAL AMOUNT PAID = EMI * NO OF PAYMENTS
= $ 1798.65* 360
= $ 647514
INTEREST PAID = TOTAL AMOUNT PAID - LOAN AMOUNT
= $ 647514 - $ 300000
= $ 347514.00
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