Real Estate Math
A buyer secures a $180,000 mortgage at 6% annual interest for 30 years. What is the total interest paid over the life of the loan if the monthly payment is $1,079.19?
A$108,000
B$168,507
C$188,508
D$208,508✓ Correct
Explanation
Total payments = $1,079.19 × 360 = $388,508.40. Total interest = $388,508.40 − $180,000 = $208,508.40 ≈ $208,508. (Note: The exact amount depends on amortization schedule.)
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