Question

5. The Smiths took out a $155,500, 30-year mortgage. The

monthly payment was $992. What will be their total interest
charges after 30 years?
Question 6
3 pts

Answer 1

$176420

Explanation:

Monthly payment = $992

Yearly payment = 992 × 12 = $11064

Total payment = 11064 × 30 = $331920

Interest = 331920 - 155500 = $176420. The interest seems too much, are you sure there's no mistake in the question? Maybe the monthly payment is more than what you've written here?