Question

Max is purchasing a home! He has agreed to 5.25% interest over 30 years; his mortgage is $141,765. If he

pays $621.50 a month (no more, no less) each month for 30 years, how much will Max pay in interest over
the lifetime of the mortgage?
Round your answer to the nearest dollar.

Answer 1

Max will pay approximately $82,575 in interest over the lifetime of the mortgage.

Step-by-step explanation:

To calculate the total amount Max will pay in interest over the lifetime of the mortgage, we can first calculate the total amount he will pay for the mortgage by multiplying the monthly payment by the number of months in 30 years.

The total payment would be

$621.50 * 12 * 30 = $224,340.

Next, we can subtract the original mortgage amount of $141,765 from the total payment to find the total interest paid.

$224,340 - $141,765 = $82,575.

Therefore, Max will pay approximately $82,575 in interest over the lifetime of the mortgage.