Ava took out a 30-year loan for $310,000 at 2.3% interest, compounded monthly. If her monthly payment on the loan will remain $1192.88 for the life of the loan, how much will Ava have paid in interest once the loan is paid off?

A. $317,130.00
B. $310,000.00
C. $119,436.80
D. $429,436

Question

Ava took out a 30-year loan for $310,000 at 2.3% interest, compounded monthly. If her monthly payment on the loan will remain $1192.88 for the life of the loan, how much will Ava have paid in interest once the loan is paid off?

A.	$317,130.00
 		B.	$310,000.00
 		C.	$119,436.80
 		D.	$429,436

anonymous · Answer

Answer: C

anonymous · Answer

Yes Mam, Thats what I got. I did $1,192.88 times 360, then subtracted $310,000 to get the interest.