Real Estate Math
A buyer takes out a 30-year, $250,000 mortgage at 6.5% annual interest. The monthly payment for principal and interest is $1,580.17. How much total interest will the buyer pay over 30 years?
A$168,861
B$318,861✓ Correct
C$412,061
D$82,061
Explanation
Total payments = $1,580.17 × 360 months = $568,861.20. Total interest = $568,861 − $250,000 = $318,861 (approximately).
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