how much money will be spent in interest alone over the course of the 5% 30 - year mortgage described in the…

how much money will be spent in interest alone over the course of the 5% 30 - year mortgage described in the table? mortgage payments principal: $120,000.00 interest rate monthly payment 3% $506 4% $573 5% $644

how much money will be spent in interest alone over the course of the 5% 30 - year mortgage described in the table? mortgage payments principal: $120,000.00 interest rate monthly payment 3% $506 4% $573 5% $644

Answer

Explanation:

Step1: Determine total payments

The mortgage is for 30 - years. There are 30×12 = 360 months. The monthly payment at 5% interest rate is $644. So the total amount paid over 30 years is $644×360. $644\times360 = 231840$

Step2: Calculate interest amount

The principal amount of the mortgage is $120000. To find the interest amount, we subtract the principal from the total amount paid. $231840−120000 = 111840$

Answer:

$111840$