Question

how much money will be spent in interest alone over the course of the 3% 30-year mortgage described in the table?
mortgage payments
principal: $150,000.00
interest rate monthly payment
3% $632
4% $716
5% $805
$?

Explanation:

Step1: Calculate total payments over 30 years

There are 30 years, and each year has 12 months, so total months = 30 12 = 360. The monthly payment at 3% is $632. So total payments = 632 360.
$632\times360 = 227520$

Step2: Subtract principal to find interest

Principal is $150000. Interest = total payments - principal = 227520 - 150000.
$227520 - 150000 = 77520$

Answer:

77520