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?\nmortgage payments\nprincipal: $210,000.00\ninterest rate monthly payment\n3% $885\n3.5% $943\n4.25% $1033

how much money will be spent in interest alone over the course of the 3.5% 30 - year mortgage described in the table?\nmortgage payments\nprincipal: $210,000.00\ninterest rate monthly payment\n3% $885\n3.5% $943\n4.25% $1033

Answer

Explanation:

Step1: Determine the number of payments

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

Step2: Find the 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 the interest - only amount

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

Answer:

$129480$