financial literacy

Question

If you borrow $120,000 at an APR of 7% for 30 years, you will pay $798.36 per month. What is the total interest paid on the 30-year mortgage?

Answer 1

So, if you're paying 798.36 per month for 30 years, or 360 months, that would be a total of 287409.60 over the life of the loan,,,,,AND YOU boorrowed only 120000. That means the rest is interest....so 287409.60-120000=167409.60