The Lagan family bought a $150,000 home in 2002. They obtained a mortgage loan for 30 years. The monthly payments, not including property taxes and insurance, are $895.00. Assuming these monthly payments do not change, how much interest will be paid on the house during the 30 years? (Monthly Payment)(12 months per year)(30 years) (895)(12)(30) = $322,200 total amount paid (principal and interest)

A) $322,200 of interest
B) $150,000 of interest
C) $172,200 of interest
D) $472,200 of interest

Interest is the monetary charge for borrowing money—generally expressed as a percentage, such as an annual percentage rate (APR). Key factors affecting interest rates include inflation rate, length of time the money is borrowed, liquidity, and risk of default. Interest can also express ownership in a company.

C) $172,200 of interest

What do you meant by interest?

Interest is the price you pay to borrow money or the cost you charge to lend money. Interest is most often reflected as an annual percentage of the amount of a loan. This percentage is known as the interest rate on the loan. For example, a bank will pay you interest when you deposit your money in a savings account.

What is interest in personal?

Personal interest means a personal benefit, gain or other interest derived by the shareholder (or a Relative or related entity, as described below) from approving the respective transaction.

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