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Ringo obtains a 15-year 5.4% fixed rate mortgage for $505,500. The monthly payments are about $4,104. What is the total amount of interest for Ringo's mortgage? $233,220 $39,891 $27,297 $532,797
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Ringo obtains a 15-year 5.4% fixed rate mortgage for $505,500. The monthly payments are about $4,104. What is the total amount of interest for Ringo's mortgage?

$233,220
$39,891
$27,297
$532,797

User Arjun Kori
by
7.9k points

1 Answer

2 votes
The monthly payments are about $4,104: $4,104*15yr*12mo=$738,720
$738,720-$505,500=$233,220

The total amount of interest for Ringo's mortgage is B.$233,220.
User Stragu
by
8.8k points
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