Real Estate Math
An Arizona buyer takes out a $350,000 mortgage at 6.75% for 30 years. The monthly payment factor is $6.49 per $1,000. What is the total interest paid over the life of the loan?
A$187,850
B$467,740✓ Correct
C$308,100
D$284,400
Explanation
Monthly payment = (350,000 ÷ 1,000) × $6.49 = 350 × $6.
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