Real Estate Math
Monthly principal and interest on a $200,000 mortgage at 7% for 30 years is approximately $1,331. What is the total interest paid over 30 years?
A$279,160✓ Correct
B$239,160
C$300,000
D$180,000
Explanation
Total payments = $1,331 × 360 = $479,160. Total interest = $479,160 − $200,000 = $279,160.
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