Question

Susie is paying $558.16 every month for her $150,000 mortgage. If this is a 30 year mortgage, how much interest will she pay over the 30 years of payments?

Answer 1

558.16 x 12 = 6697.92 every year

6697.92 x 30 = 200937.60 total

200937.60-150000 = $50,937.60 total interest paid