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Jade and Jackson are considering a $210,000 mortgage for 30 years at 5.7%. With this information, their monthly payment would be $1218.84.

If they make only the minimum payment each month, what is the total payback of this loan?

How much of this total payback is interest?

Respuesta :

anthougo

Answer:

Jade and Jackson

The total payback of this loan = $438,782.72

The interest of this total payback is $228,782.72

Step-by-step explanation:

a) Data and Calculations:

Mortgage = $210,000

Interest rate of mortgage = 5.7%

Monthly payment = $1,218.84

Using an online calculator for Mortgage Payoff, the Original Payoff Schedule  is:

Monthly Pay = $1,218.84

Total Payments = $438,782.72

Total Interest = $228,782.72

Answer:

Step-by-step explanation:

1218.84⋅12⋅30=$438,782.40

The total interest paid is the total payback less the amount borrowed.

$438,782.40−$210,000=$228,782.40

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