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31 July, 05:22

The principle balance of a loan is $360,000. The monthly principal and interest payment will be $2,160 per month for 30 years. How much interest will be paid over the term of the loan? $360,000

$777,600

$288,000

$417,600

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  1. 31 July, 05:45
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    The total of 360 monthly payments is

    ... 360 * $2160 = $777,600

    The difference between this amount and the principal balance is the amount of interest paid.

    ... $777,600 - 360,000 = $417,600
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