Answer: $60,317.20.
Explanation:
The total number of monthly payments over a 15-year mortgage is 15 years x 12 months/year = 180 months.
The total payback of the loan is the monthly payment multiplied by the total number of payments:
Total payback = Monthly payment x Total number of payments
Total payback = $1,223.99 x 180
Total payback = $220,317.20
So, the total payback of the loan will be $220,317.20.
To calculate the interest paid over the life of the loan, we can subtract the initial principal (the mortgage amount) from the total payback:
Interest paid = Total payback - Initial principal
Interest paid = $220,317.20 - $160,000
Interest paid = $60,317.20
Therefore, the total interest paid over the life of the loan will be
$60,317.20