Question

Jerry takes out a 30-year mortgage for $170,000.00 to buy a condo. His monthly mortgage payment is $939.00. How much interest will he pay over the life of the loan? Round your answer to the nearest whole dollar.

Answer 1

Okay, here we have this:

Considering the provided information we obtain the following:

Mortgage capital=$170,000

Total payment = Monthly payment * 12 months of the year * number of years

Total payment = $939*12*30

Total payment = $338,040

Total payment = Mortgage capital + Interest

Replacing we obtain:

Total payment = Mortgage capital + Interest

$338,040=$170,000+interest

Interest= $338,040-$170,000

Total Interest=$168,040

Finally we obtain that the total interest is $168040.