Please Please Help. I will become a fan and give a medal.
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? Round to the nearest dollar.

Question

Please Please Help. I will become a fan and give a medal. 
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? Round to the nearest dollar.

anonymous · Answer

Interest = Principle * Rate * Time
Interest = 592000*.05575 * 30
Interest = $990120 (you should check this, I haven't done problems like it in a long time...)