Question

Kurt is financing a $315,000 mortgage for 30 years at a fixed rate of 7.35%. What is the total cost of the principal and interest after 30 years?

Answer 1

find out monthly payment,
multiply it by the number of months of the loan

Answer 2

its $651,078.00 right? thats what i got.

Answer 3

one sec..

Answer 4

im getting more than that :
http://www.wolframalpha.com/input/?i=30*12*315000*%28+%280.0735%2F12%281%2B0.0735%2F12%29%5E%2812*30%29%29%2F%28%281%2B0.0735%2F12%29%5E%2812*30%29-1%29+%29

Answer 5

woah...im way off. i suck at math

Answer 6

lol these calculations are tough... do u have that amount in ur options ?b

Answer 7

651,078.00

676,305.00
781,293.60
788,489.94

Answer 8

those are all the options to choose from.

Answer 9

option C seem to match ?

Answer 10

that half dollar difference seem to be just a rounding problem... go ahead tick option C

Answer 11

okay. thank you so much ! your were a huge help! :)

Answer 12

Here is the answer matching ur options :
http://www.wolframalpha.com/input/?i=30*12*2170.26

Answer 13

they have just rounded the monthly payment before multiplying, that all :)

Answer 14

awesome. so it is option c. thank u !!