Question

PLEASE HELP ASAP
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?

$1,053,702

$570,702

$29,463

$512,463

Answer 1

@ankit042 @ivettef365

Answer 2

@UnkleRhaukus

Answer 3

@mathmate @amistre64

Answer 4

number of payments minus the loan amount i believe

Answer 5

what is the loan amount?

Answer 6

you borrowed 483000 and paid in 30*12*P for it

the difference is the amount of interest you paid for the loan

Answer 7

@amistre64

Answer 8

i cant seem to get the right answer

Answer 9

are you ahving issues with subtracting? or multiplying? i cant seem to identify where the issue is without seeing any of your work

Answer 10

I am confused with what i am suppose to do, ok so the number of payments minus the loan amount. The payments are 2926.95? and the loan amount is 483,000. Is that correct?

Answer 11

@amistre64

Answer 12

Number of payments = 30 years * 12 months/year
Monthly payment = 2926.95
Use @amistre64 's method, namely interest = total amount paid - principal (483000).
Note that this method works ONLY IF 2926.95 per month will reduce the principal to zero after thirty years.
In this case, it works if we assume that interest is compounded monthly.