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?

Question

anonymous · Answer

anyone?

anonymous · Answer

thats all i have to do?!!? lol

perl · Answer

woops
3144 * 30 *12 , is the total he paid , then subtract from balance, that is the interest

anonymous · Answer

ohh ok!! the lessons are formatted in a confusing way! thanks :)

perl · Answer

any calculator would give you the answer. $3144 x 360 months (30 years x 12 months per year) = $1,131,840 (principal and interest) - $424,500 (principal) = $707,340 (interest).

anonymous · Answer

thanks! I dont have a scientific calculator so its hard :)