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 $256,766 at 4.813% interest for 30 years given that the monthly payment is $1,349.03. total interest is $234,950.80 (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 $256,766 at 4.813% interest for 30 years given that the monthly payment is $1,349.03. total interest is $234,950.80 (simplify your answer. type an integer or decimal rounded to two decimal places as needed.)

Answer

Explanation:

Step1: Calculate total payments

There are 30 years and 12 months in a year, so the total number of payments is $30\times12 = 360$ months. The monthly payment is $1349.03$. So the total amount paid over 30 years is $1349.03\times360$. $1349.03\times360=485650.8$

Step2: Calculate total interest

The principal amount of the mortgage is $256766$. The total interest paid is the total amount paid minus the principal amount. $485650.8 - 256766=228884.8$

Answer:

$228884.80$