Final answer:
To calculate the total interest paid on a 30-year loan, multiply the monthly payment by the number of payments and subtract the loan amount. The provided monthly payment seems incorrect for a $200,000 loan at 8%, and a correct monthly payment would be needed for an accurate calculation.
Step-by-step explanation:
The student is asking about the total interest paid on a 30-year loan for $200,000 at an 8% interest rate when the monthly payment is $1467. To calculate the total interest paid over the life of a loan, you would multiply the monthly payment amount by the number of payments (360 for a 30-year loan), and then subtract the original loan amount from the total of these payments. Unfortunately, we have a discrepancy because the monthly payment provided ($1467) does not match the typical monthly payment for a loan of this size and terms. However, assuming a correct monthly payment figure is provided, the formula would be:
Total Interest Paid = (Monthly Payment × Total Number of Payments) − Original Loan Amount
Using the given monthly payment, if it were correct, the total interest would be calculated as follows:
Total Interest Paid = ($1467 × 360) − $200,000
But, since the information provided regarding the monthly payment of $1467 is likely incorrect given the context of an 8% interest loan for $200,000 over 30 years, a new calculation using the correct figure for monthly payments is required to accurately assess the total interest paid.