Question

The mortgage on your new house is $180,000. Your monthly mortgage payment is $839 for 30 years. How much interest will be paid if the house is kept for the full 30 years?

Answer 1

9514 1404 393

Answer:

$122,040

Explanation:

The interest is the difference between the mortgage value and the total amount paid.

($839/mo)×(12 mo/yr)×(30 yr) -180,000 = $302,400 -180,000 = $122,040

$122,040 will be paid in interest.