Question

Aaron took out a 30-year mortgage for $70,000. His monthly mortgage payment is $466. How much will he pay over 30 years? Interest rate = 7%

Answer 1

`\text{ \$167,760}`

Step-by-step explanation:

Here, we want to get how much will be ppaid over the course of 30 years

From the question, we have it that he pays $466 monthly

Now, to get the amount he will pay over the course of the years, we have to understand that there are 12 months in a year

The total number of months for which he will be paying will be:

`30*\text{ 12 = 360}`

He will be paying $466 per month for a total of 360 months

So, the total amount he is to pay is the product of this two

Mathematically, that would be:

`360*466\text{ = 167,760}`