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Aaron took out a 30-year mortgage for $70,000. His monthly mortgage payment is $466. How much will he pay over 30 years?
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4 votes
Aaron took out a 30-year mortgage for $70,000. His monthly mortgage payment is $466. How much will he pay over 30 years?

User Nicholas Car
by
5.9k points

1 Answer

6 votes

We are given the following information:

Mortgage = $70,000

Monthly payment = $466

Duration = 30 years

Interest rate = 7% = 0.07

The payment is calculated as shown below:


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User Kemi
by
6.3k points
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