Answer:
Amount will be equal to $0.35 trillion
Step-by-step explanation:
Total mortgage loans loans = $7 million.
Mortgage interest rate = 5%
We have to calculate amount which is paid by home owner in annual mortgage interest.
Amount will be equal to
Amount = Total mortgage loans
mortgage interest rate
= $7
0.05 = $0.35 trillion
So the amount will be equal to $0.35 trillion