Question

Amara has taken out a fixed rate mortgage for $145,000 at 4.04% for 20 years, or 240 months. Her payments are $882. What is the total cost of the loan? Group of answer choices a.$150,858 b. $170,640 c. $211,680 d,$262,160

Answer 1

total cost = (number of months)*(monthly payment)

total cost = (240 months)*($882 per month)

total cost = $211,680