use the formula or a calculator application to find the total interest paid for the home mortgage of…

use the formula or a calculator application to find the total interest paid for the home mortgage of $250,766 at 4.813% interest for 30 years given that the monthly payment is $1,349.03. total interest is $ . simplify your answer. type an integer or decimal rounded to two decimal places as needed.

use the formula or a calculator application to find the total interest paid for the home mortgage of $250,766 at 4.813% interest for 30 years given that the monthly payment is $1,349.03. total interest is $ . simplify your answer. type an integer or decimal rounded to two decimal places as needed.

Answer

Explanation:

Step1: Calculate total payments

The mortgage is for 30 years and the monthly payment is $1,349.03. There are 30 * 12 = 360 months. Total payments = Monthly payment * Number of months = $1,349.03 * 360 = $485,650.80

Step2: Calculate total interest

The principal amount of the mortgage is $250,700. Total interest = Total payments - Principal amount = $485,650.80 - $250,700 = $234,950.80

Answer:

$234,950.80