Question

Richard deposits $237.95 every month into his mortgage. At the end of 30 years, he has a balance of $183,710.77. What interest has accrued (been earned) over 30 years?

Answer 1

$98,048.77

Explanation:

First you want to find out how much he has put in without interest so you would do 237.95*12 to figure out how much he puts in per year then times that number by 30 to figure out how much he has put in in total, after this you subtract this total from the 183,710.77 to get the total amount of interest