the wong family bought a $190,000 home in 2001. they obtained a mortgage loan for 30 years. the monthly…

the wong family bought a $190,000 home in 2001. they obtained a mortgage loan for 30 years. the monthly payment, not including property taxes and insurance, is $995. how much total principal and interest will they pay for the house after 30 years?\n$168,200\n$190,000\n$358,200\n$548,200

the wong family bought a $190,000 home in 2001. they obtained a mortgage loan for 30 years. the monthly payment, not including property taxes and insurance, is $995. how much total principal and interest will they pay for the house after 30 years?\n$168,200\n$190,000\n$358,200\n$548,200

Answer

Explanation:

Step1: Calculate total number of payments

There are 12 months in a year and the loan is for 30 years. So the total number of payments is $12\times30 = 360$.

Step2: Calculate total amount paid

The monthly payment is $995. Multiply the monthly - payment by the total number of payments. So the total amount paid is $995\times360=358200$.

Answer:

$358,200$