Final answer:
To calculate the total interest paid on a $400,000 30-year mortgage with a monthly payment of $2,450, multiply the monthly payment by the total number of payments (360) to get $882,000, then subtract the original loan amount. The total interest paid comes to $482,000, which is not listed in the provided options.
Step-by-step explanation:
To determine how much you paid in interest for a $400,000 30-year mortgage loan with a monthly payment of $2,450, you first need to calculate the total amount paid over the 30 years. The calculation is as follows:
Total payments over 30 years = monthly payment * number of months
= $2,450 * (30 years * 12 months/year)
= $2,450 * 360
= $882,000.
Now, subtract the original loan amount from the total payments to find the total interest paid:
Total interest paid = total payments - original loan amount
= $882,000 - $400,000
= $482,000.
Therefore, the total interest paid to the lender is $482,000, which is not one of the answer choices provided. Perhaps there is an error in the options, as none of them match the calculated interest paid.