Real Estate Math
A Michigan 30-year mortgage has monthly payments of $1,450. Total payments over the life of the loan are:
A$174,000
B$522,000✓ Correct
C$348,000
D$261,000
Explanation
Total payments = Monthly payment x Number of payments = $1,450 x (30 x 12) = $1,450 x 360 = $522,000.
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