Real Estate Math
A Hawaii buyer obtains a $350,000 30-year mortgage at 6% interest. The monthly factor is $6.00 per $1,000. What is the total interest paid over the life of the loan?
AA. $210,000
BB. $763,480
C$406,000.000000000✓ Correct
DD. $560,000
Explanation
Monthly payment = $350,000 / $1,000 × $6.00 = $2,100. Total payments = $2,100 × 360 = $756,000. Total interest = $756,000 - $350,000 = $406,000.
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