Answer:
approximate amount of interest paid $31,500
Explanation:
given data
buys property = $20,000
puts down = $1,000
interest = 12 %
time = 20 year = 20 × 12 = 240 months
monthly payments = $209.38
solution
we get here total payment will be = $209.38 × 240 monthly
total payment = $50,251.20
so amount of interest paid on loan at maturity will be as
amount of interest paid = total payment - buys property - puts down
amount of interest paid = $50,251.20 - $20,000 - $1,000
amount of interest paid = $31,251.20
so approximate amount of interest paid $31,500