Question

Ricardo obtains a 30-year 8.1% fixed rate mortgage for $424,500. The monthly payments are about $3,144. What is the total amount of interest for Ricardo’s mortgage?

$458,885

$34,385

$707,340

$91,679

Answer 1

@jim_thompson5910

Answer 2

@ankit042

Answer 3

I think this is the same problem we were doing yesterday!
You just have to calculate amount he will pay - mortgage

Answer 4

I NEED HELP! I have a lot of these problems i need to solve in a short period of time

Answer 5

Amount he will pay = period * monthly installments
30*12*3144

Answer 6

30*12*3144 -424,500

Answer 7

so i multiply those 3 numbers?

Answer 8

yes solve to get the answer!

Answer 9

Oh i got it, its C!

Answer 10

Great

Answer 11

Thank you so much please stay online I need help with somemore!

Answer 12

Please understand the concept otherwise no point of the whole exercise