Question

I borrow a mortgage of £185,000 over 30 years at an interest rate of 4.1%. How much will I pay back overall?

Answer 1

617,580.56

Explanation:

I'm going to assume that there will be only 1 payment made at the end of the loan and the interest is compounding anually.

Using the compound interest formula we have

185000(1+.041)^30

Compute this and get

617580.56