Final answer:
The total interest for a $220,000, 30-year mortgage with an APR of 5.82% is $221,774.
Step-by-step explanation:
To calculate the total interest for a 30-year mortgage, we can use the formula:
Interest = Total Payment - Principal
The principal is $220,000, and we can calculate the total payment using the formula for calculating monthly mortgage payments:
Total Payment = Monthly Payment x Number of Payments
In this case, the monthly payment can be calculated using the formula:
Monthly Payment = (Principal x Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate) ^ (-Number of Payments))
Once we have the monthly payment, we can calculate the number of payments by multiplying the number of years by 12.
Plugging the values into the formulas, the monthly payment is $1,227.15, the number of payments is 360, and the total payment is $441,774. The interest is then calculated as $441,774 - $220,000 = $221,774.