Rick obtains a 25-year 7.2% fixed rate mortgage for $414,500. The monthly payments are about $2,982. What is the total amount of interest for Rick’s mortgage?

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Question

Rick obtains a 25-year 7.2% fixed rate mortgage for $414,500. The monthly payments are about $2,982. What is the total amount of interest for Rick’s mortgage?

PLEH HELP

anonymous · Answer

@NaCl hey

anonymous · Answer

you know what to do here?

anonymous · Answer

Not really . But I'm thinking , I hate this course but at the same time I like it -,-

anonymous · Answer

i know, cause its interesting, but so hard!!!!

anonymous · Answer

@amistre64 any ideas , Im think should add 414,500 + 2,982

anonymous · Answer

multiply 25 years by 12 months each year

anonymous · Answer

multiply the number of payments by the amount in each payment to find the total amount paid
subtract the amount the mortgage is for from the amount paid to find the total interest

anonymous · Answer

have fun

anonymous · Answer

i got 408100

anonymous · Answer

480100*

anonymous · Answer

i did exactly what you said @Peter14

anonymous · Answer

Ella obtains a $750,000 balloon mortgage for an investment property. The mortgage has terms of 15/3 at an interest rate of 5.5%. The monthly payment is $6,128.13. How much is the remaining balance after 3 years rounded to the nearest dollar?

anonymous · Answer

new question

anonymous · Answer

@UnkleRhaukus any help?

unklerhaukus · Answer

sorry im no good with morgages, 
btw, you a ment to close question when theyve been answerd
 so you can open a new question (and potential give a helper two medals).

anonymous · Answer

ahh okay, sorry