Susie is paying $502.33 every month for her $150,000 mortgage payment. If this is a 4.5% 30 year mortgage, how much interest will she pay over the 30 years of payments?
Mathematics · College · Sun Jan 24 2021
Answered on
Given the statement:
Susie is paying $502.33 every month for her $150,000 mortgage payment.
Determine the interest she will pay for 30 years, if this is a 4.5% 30 year mortgage.
Solution:
In order to find for the total amount of money paid after 30 years, we simply needed to multiply first 30 by 12 to determine the number of months.
= (30)(12)
= 360 months
Multiply 502.33 with 360 to determine the total amount paid
= ($502.33)(360)
= $180,838.8
Final answer:
The interest that Susi is paying after 30 years is $180,838.8.