If $120,000 is borrowed for a home mortgage, to be repaid at 9 percent interest over 30 years with monthly payments of $965.55, how much interest is paid over the life of the loan?

Question

Quizplus · Accepted Answer

The total amount paid over 30 years is $965.55 * 12 * 30 = $347,598. The interest paid is the total amount paid minus the principal, which is $347,598 - $120,000 = $227,598.

If $120,000 Is Borrowed for a Home Mortgage, to Be