If $120,000 is borrowed for a home mortgage, to be repaid at 9% interest over 30 years with monthly payments of $965.55, how much interest is paid over the life of the loan?
A) $120,000
B) $162,000
C) $181,458
D)$227,598

Name: If $120,000 is borrowed for a home mortgage, to be repaid at 9% interest over 30 years with monthly payments of $965.55, how much interest is paid over the life of the loan? A) $120,000 B) $162,000 C) $181,458 D)$227,598
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Quizplus · Accepted Answer

Interest = ($965.55 × 12 × 30) - $120,000 = $227,598

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