can someone help me with this problem please?

Danielle bought a house for 215,000. She financed 189,375 of the purchase price with a 15-year, fixed-rate mortgage with a 6.15% interest rate. What is the total cost of the principal and interest after 15 years?

a. 335,317.05
b: 290,418.20
c: 329,716.80
d: 295,351.95

Question

can someone help me with this problem please?

Danielle bought a house for 215,000. She financed 189,375 of the purchase price with a 15-year, fixed-rate mortgage with a 6.15% interest rate. What is the total cost of the principal and interest after 15 years?

a. 335,317.05
b: 290,418.20
c: 329,716.80
d: 295,351.95

amistre64 · Answer

what is our monthly payment?

anonymous · Answer

@amistre64 how do i figure that out?

amistre64 · Answer

you find your formula for the monthly payment, and then realize that when you purchase a loan, you are paying for the time it would have taken you to save it up to start with ... you are paying for the interest.

total cost = total payments 

total payments = loan amount + interest

subtract the loan amount from both sides and what you have is interest ...