Question

Hagan has a fixed rate mortgage of $534,000 at 5.4% for 20 years. The monthly payments are $3,643.22. How much will Hagan pay in interest after 20 years?

Answer 1

Find the interest on the mortgage first.
534,000 * (5.4% *20) = 576,720
Then find the payments.
3,643.22 * 20 = 72,864.40
Then minus the payments from the interest.
576,720 - 72,864.40 = $503,855.60

Answer 2

Answer: $28,836

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