Question

Kerri takes out a mortgage for $55,000 at 9% for 25 years. What are her monthly payment, the total amount paid, and the cost of the mortgage?

Answer 1

The total amount paid for the mortgage will be $123750 and the cost of the mortgage is $178750.

How to calculate the mortgage?

From the information, Kerri takes out a mortgage for $55,000 at 9% for 25 years. The total amount paid will be:

= ($55,000 × 9% × 25)

= $123750

The cost of the mortgage will be:

= $55000 + $123750

= $178750

The monthly payment will be:

= ($55000 + $123750) / 25 years

= $178750/(25 × 12)

= $178750/300

= $595

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