Finance
A Massachusetts borrower's principal and interest payment on a $280,000, 30-year fixed mortgage at 6% is approximately $1,679 per month. Over 30 years, the total amount paid is approximately:
A$280,000
B$380,000
C$504,000
D$604,440✓ Correct
Explanation
Total paid = $1,679 × 360 months = $604,440. Of this, $280,000 is principal repayment and approximately $324,440 is interest paid over the life of the loan.
Related Massachusetts Finance Questions
- The Closing Disclosure (CD) required by TRID must be provided to the borrower at least how many business days before closing?
- A 'bridge loan' in Massachusetts real estate is used to:
- A 'home equity line of credit' (HELOC) differs from a home equity loan in that:
- In Massachusetts, a 'bridge loan' is typically used to:
- In Massachusetts, a 'construction loan' is typically converted to:
- A Massachusetts buyer uses a 'bridge loan' to purchase a new home before selling their current home. A bridge loan is:
- A Massachusetts mortgage lender is required to give the borrower a Loan Estimate within how many business days of receiving the loan application?
- A Massachusetts commercial mortgage typically has which loan term compared to a residential mortgage?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →