Question

The Lagan family bought a $150,000 home in 2002. They obtained a mortgage loan for 30 years. The monthly payments, not including property taxes and insurance, are $895.00. Assuming these monthly payments do not change, how much interest will be paid on the house during the 30 years?

(Monthly Payment)(12 months per year)(30 years)

(895)(12)(30) = $322,200 total amount paid (principal and interest)

$322,200 of interest
$150,000 of interest
$172,200 of interest
$472,200 of interest

Answer 1

The Lagan family bought a $150,000 home in 2002. They obtained a mortgage loan for 30 years. The monthly payments, not including property taxes and insurance, are $895.00. Assuming these monthly payments do not change, how much interest will be paid on the house during the 30 years?

(Monthly Payment)(12 months per year)(30 years)

(895)(12)(30) = $322,200 total amount paid (principal and interest)

$322,200 of interest

$150,000 of interest

$172,200 of interest

$472,200 of interest