Question

The loan amount is $70,000, and the monthly principal and interest payment will be $479.00 a month for 30 years. How much interest will be paid over the term of the loan?

Answer 1

Answer:

$102,440

Explanation:

Provided details we have,

Loan amount = $70,000

Installments = $479 per month for 30 years

Number of installments = 12 $\times$ 30 = 360 installments

Total amount to be paid during the tenure of loan = $479 $\times$ 360

= $172,440

Thus interest = Total - Principal Amount

= $172,440 - $70,000

= $102,440