Final answer:
To calculate the total amount spent on a mortgage, multiply the monthly payment by the total number of months. For a $150,000 loan at an interest rate of 2.75% and a 15-year term, the total amount spent is approximately $181,884.60.
Step-by-step explanation:
To calculate the total amount spent on a mortgage, we need to find the monthly payment and multiply it by the total number of months. Using the formula for the monthly payment of a mortgage, we can calculate that the monthly payment for a $150,000 loan with an interest rate of 2.75% and a term of 15 years is approximately $1,010.47. Multiplying this monthly payment by the total number of months (15 years * 12 months per year) gives us the total amount spent, which is approximately $181,884.60.