Constance Hairston obtains a 25-year, $145,550 mortgage at 11.5% on a house selling for $171,000. Her monthly payment, including principal and interest, is $1479.47. How much of the total cost
Will be interest?

Question

Quizplus · Accepted Answer

The total cost of the mortgage over 25 years is calculated by multiplying the monthly payment by the number of months (25 years * 12 months/year = 300 months). So, the total cost is $1479.47 * 300 = $443,841. The interest cost is the total cost minus the original loan amount: $443,841 - $145,550 = $298,291.19.

Constance Hairston Obtains a 25-Year, $145,550 Mortgage at 11