Question

1) What will be the total interest paid on a 30-year mortgage loan

of $135,000 at 4.296 interest?

Answer 1

173 988

Explanation:

£135,000 of 4.296% times 30

Convert the problem to an equation using the percentage formula: P% * X = Y.

P is 10%, X is 150, so the equation is 10% * 150 = Y.

Convert 10% to a decimal by removing the percent sign and dividing by 100: 10/100 = 0.10.