Question

Naomi has a home loan amount of $120,000. Her monthly principal and interest payment is $679.00 for thirty years. How much interest will Naomi pay over the term of her loan?

Answer 1

Answer:

$124,440

Explanation:

Given a monthly principal and interest payment of $679, over the 30 year period, Naomi would have paid back

$679 * 30 year * 12 months in a year

= $244,440

With a loan amount of @120,000, the interest portion of the total repayment is therefore = total repayment less the loan amount

= $244,440 - $120000

= $124,440.