Register

Ringo obtains a 15-year 5.4% fixed rate mortgage for $505,500. The monthly payments are about $4,104. What is the total amount of interest for Ringo's mortgage? $233,220 $3…

Ringo obtains a 15-year 5.4% fixed rate mortgage for $505,500. The monthly payments are about $4,104. What is the total amount of interest for Ringo's mortgage? $233,220 $3…
asked 55.9k views
4 votes
Ringo obtains a 15-year 5.4% fixed rate mortgage for $505,500. The monthly payments are about $4,104. What is the total amount of interest for Ringo's mortgage?

$233,220
$39,891
$27,297
$532,797

asked
User Arjun Kori
by
7.9k points

1 Answer

2 votes
The monthly payments are about $4,104: $4,104*15yr*12mo=$738,720
$738,720-$505,500=$233,220

The total amount of interest for Ringo's mortgage is B.$233,220.
answered
User Stragu
by
8.7k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!