Hagan has a fixed rate mortgage of $534,000 at 5.4% for 20 years. The monthly payments are $3,643.22. How much will Hagan pay in

Question

katen-ka-za [31]

3 years ago

8

Hagan has a fixed rate mortgage of $534,000 at 5.4% for 20 years. The monthly payments are $3,643.22. How much will Hagan pay in

interest after 20 years?

Mathematics

2 answers:

alexandr402 [8] · Answer 1 · 2022-02-23T06:30:28+03:00

alexandr402 [8]3 years ago

8 0

Answer: $28,836

i took the test, that should be the one

solmaris [256] · Answer 2 · 2022-02-23T05:22:57+03:00

solmaris [256]3 years ago

3 0

Find the interest on the mortgage first.
534,000 * (5.4% *20) = 576,720
Then find the payments.
3,643.22 * 20 = 72,864.40
Then minus the payments from the interest.
576,720 - 72,864.40 = $503,855.60