jerry takes out a 30 year mortgage for $250,000 to buy a condo. his monthly mortgage payment is $1,000. How much interest will he pay over the life of the loan?

Question

jerry takes out a 30 year mortgage for $250,000 to buy a condo. his monthly mortgage payment is $1,000. How much interest will he pay over the life of the loan?

Answer 1

(30 years)(12 months/year)(1000 $/month)

 

= $360,000 total paid over 30 years

 

$360,000 -$250,000 = $110,000 interest paid.