<u>ANSWER:
</u>
th proportion of the total loan payments Maria makes goes to interest
<u>SOLUTION:
</u>
Given, Maria takes out a $135,000 mortgage at 4.9%
And plans to pay it back in 15 years.
Her monthly payment is $1,061.
We need to find what proportion of the total loan payments Maria makes goes to interest?
Now, let us find the total payment made by her.
Total payment = monthly payment
12 months
15 years
= 1061 x 12 x 15 = 190980
Now,
Interest amount for 15 years = total payment – mortgage amount taken by her.
= 190980 – 135000 = 55980
Now, proportion of interest = ![\frac{\text { interest paid }}{\text { total loan payments }}](https://tex.z-dn.net/?f=%5Cfrac%7B%5Ctext%20%7B%20interest%20paid%20%7D%7D%7B%5Ctext%20%7B%20total%20loan%20payments%20%7D%7D)
![=\frac{55980}{190980}=\frac{311}{1061}](https://tex.z-dn.net/?f=%3D%5Cfrac%7B55980%7D%7B190980%7D%3D%5Cfrac%7B311%7D%7B1061%7D)
Hence
th proportion of the total loan payments Maria makes goes to interest