Based on an online finance calculator, the total interest is $108,600 in interest alone over the course of the 30-year mortgage at 3%.
How the total interest is computed:
The total interest is the difference between the total periodic payments and the principal.
N (# of periods) = 360 (30 years x 12)
I/Y (Interest per year) = 3%
PV (Present Value) = $210,000
PMT (Periodic Payment) = $885
Results:
Sum of all periodic payments = $318,600.00 ($885 x 360)
Total Interest = $108,600 ($318,600 - $210,000)
Complete Question:
Mortgage payments Principal: $210,000.00 = 3%
How much money will be spent in interest alone over the course of the 3% 30-year mortgage described in the table?
Interest Rate Monthly Payment
3% $885
3.5% $943
4.25% $1,033
A. $8,925
B. $161,880D.
C. $210,000
D. $371,880