Arnold is financing a condominium for $592,000. He gets a 30-year, fixed rate mortgage with a rate of 5.575%. How much interest will he pay over the life of his loan?

Question

anonymous · Answer

$181,614
		$43,585
		$1,220,119
		$628,119

anonymous · Answer

There is a formula associated with this .

anonymous · Answer

i kno monthly payment is 3389.22 but idk where to go from there o.O

anonymous · Answer

omg o.O there should be an easier way to do this hahha

anonymous · Answer

yes.just use this formula

$$W\to \frac{P R (1+R)^N}{-1+(1+R)^N}$$

W= monthly payment

P= Principle

R= interest rate

n= term

anonymous · Answer

since you know monthly payment , you don't even need to do that

anonymous · Answer

okay so would the next step be to find out what the total cost is?

anonymous · Answer

you pay monthly payment once a month over 30 years(12*30) . So multiply your monthly payment by 360 to figure out total cost. Subtract cost of the house from it to get interest paid

anonymous · Answer

thank youuuuu!!! xD