Question

You want to buy a $300,000 home. You have $30,000 as a down payment. Therefore, buying the house will require you to take out a $270,000 mortgage. If you pay $1,262.70 per month for 30 years, how much money do you pay in interest over the course of the 30-year mortgage

Answer 1

Answer:

The amount of  money do you pay in interest over the course of the 30-year mortgage is $184,572.

Explanation:

Total interest paid = total amount paid over 30 years - loan amount

                               = 1262.7*30*12 - 270000

                               = $184,572

Therefore, The amount of  money do you pay in interest over the course of the 30-year mortgage is $184,572.