Question

Hank has a fixed rate mortgage of $483,000 at 6. 1% for 30 years. The monthly payments are $2,926. 95. How much will Hank pay in interest after 30 years? (3


points)



$1,053,702


$570,702


$29,463


$512,463

Answer 1

The amount that Hank will pay in total as interest after 30 years is = $1,053,702

Calculation of accumulated interest

The fixed mortgage by Hank = $483,000

The period (time) for the fixed mortgage= 30 years

The interest is generated at the rate = 6.1%

His monthly payments = $2,926. 95.

The total amount he will receive after 30 years = X

But 12 months = 1 years

X months = 30 years

Cross multiple,

X months = 12 × 30

= 360 months.

The total amount he will receive after 30 years

= 360 × $2,926. 95

= $1,053,702

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