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24 September, 18:55

You borrowed $185,000 for 30 years to buy a house. The Interest rate is 4.35 percent, compounded monthly. If you pay all of your monthly payments as agreed, how much total Interest will you pay on this mortgage? (Round the monthly payment to the nearest whole cent.) a. $150.408 b. $147.027 c. $146.542 d. $154,319 e. $141,406

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  1. 24 September, 19:22
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    c. $146.542

    Explanation:

    Borrowed amount - $185,000

    Interest rate (APY) - 4.35%

    Loan term - 30 years

    Payement frequency - monthly

    Your total interest paid is $146,542.65

    Your total principal and interest: $331,542.65
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