how much money will be spent in interest alone over the course of the 3.5% 30 - year mortgage described in…

how much money will be spent in interest alone over the course of the 3.5% 30 - year mortgage described in the table? mortgage payments principal: $210,000.00 interest rate monthly payment 3% $885 3.5% $943 4.25% $1033

how much money will be spent in interest alone over the course of the 3.5% 30 - year mortgage described in the table? mortgage payments principal: $210,000.00 interest rate monthly payment 3% $885 3.5% $943 4.25% $1033

Answer

Explanation:

Step1: Determine number of payments

The mortgage is for 30 - years and payments are monthly. So the number of payments $n=30\times12 = 360$.

Step2: Calculate total amount paid

The monthly payment at 3.5% interest rate is $943$. So the total amount paid over 30 years is $943\times360=$339480$.

Step3: Calculate total interest paid

The principal amount is $210000$. The total interest $I$ is the total amount paid minus the principal. So $I = 339480- 210000=$129480$.

Answer:

$129480$