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4 February, 07:35

Brent House had a mortgage loan in the amount of $87,750. He financed his house for 30 years and had a monthly payment of $725. At the end of 30 years, what will be the total amount of interest paid on the house?

a. $163,500

b. $173,250

c. $152,725

d. $163,150

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Answers (2)
  1. 4 February, 07:43
    0
    Option B : $173,250

    Explanation:

    Total Amount paid after 30 years = $725/month * 12month * 30 years

    Total Amount paid after 30 years = $261,000

    Interest + Original Cost = Total Amount

    Interest - = 261,000-87,750

    Interest = 173,250
  2. 4 February, 07:58
    0
    Option "B" is the correct answer to the following statement

    Explanation:

    Given:

    Mortgage loan amount = $87,750

    Number of years = 30 years

    Monthly payment = $725

    Amount of interest paid = ?

    Computation of total amount paid:

    Total amount paid = Monthly payment * 12 * Total number of year

    Total amount paid = $725 * 12 * 30

    Total amount paid = $261,000

    Computation of total interest paid:

    Total interest paid = Total amount paid - Mortgage loan amount

    Total interest paid = $261,000 - $87,750

    Total interest paid = $173,250
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