Question

Jocelyn was able to get a great interest rate on her house. She financed $150,000 for 15 years with an interest rate of 2.75%.

How much will she pay in interest over 15 years?
61,875

By the time she pays off her mortgage, how much total will she have spent for her house?

Answer 1

She will pay $33,228 in interest over 15 years for a mortgage of $150,000 with an interest rate of 2.75%.

By the time she pays off her mortgage in 15 years, she will have spent $183,228 total for her house.

Explanation: