Finance
A Maine buyer's 30-year mortgage has a monthly payment of $1,650 for principal and interest. Over the life of the loan, the total amount paid in P&I is:
A$296,400
B$495,000
C$594,000✓ Correct
D$660,000
Explanation
Total payments = $1,650 × 12 months × 30 years = $1,650 × 360 = $594,000. Using the values given ($1,650), apply the appropriate formula.. The correct answer is $594,000.. This is a common calculation on the Maine real estate exam.
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