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: $180,000.00\ninterest rate monthly payment\n3.5% $808\n5% $966\n6% $1079

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: $180,000.00\ninterest rate monthly payment\n3.5% $808\n5% $966\n6% $1079

Answer

Explanation:

Step1: Calculate total number of payments

30 years × 12 months/year = 360 payments

Step2: Calculate total amount paid

Total payment = monthly payment × number of payments
$808 × 360$

Step3: Calculate total interest paid

Total interest = total payment - principal
$($808 × 360) - $180,000$

Answer:

$100,880$