Narrative 14-1
For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, when necessary.
-Refer to Narrative in your text 14-1. Lyle has a mortgage of $96,000 at $7 \frac { 3 } { 4 } \%$ for 30 years. Find the total interest.

Question

Quizplus · Accepted Answer

The total interest is the difference between the total amount paid and the amount borrowed. The total amount paid is the monthly payment multiplied by the number of months in 30 years (360). The monthly payment is $527.76, so the total amount paid is $527.76 * 360 = $190,017.60. The total interest is $190,017.60 - $96,000 = $94,017.60.

Narrative 14-1 for Problems in This Section, Use Table 14-1 734%7 \frac { 3 } { 4 } \%743​%

Narrative 14-1
for Problems in This Section, Use Table 14-1 $7 \frac { 3 } { 4 } \%$