Question

Janelle and Jacob are considering a $130,000 mortgage for 30 years at 4.8%. With this information, their monthly payment

would be $682.06.
If they make only the minimum payment each month, what is the total payback of this loan?
How much of this total payback is interest?

Answer 1

30 years = 360 monthly payments
Total payback = 360 x $682.06 = $245,541.60
Interest = 245,541.60 - 130,000 = $115,541.60