Real Estate Math

A Texas seller carries back a seller-financed note for $85,000 at 7% for 15 years. What is the total interest paid over the life of the loan if monthly payments are $764.15?

A$52,547✓ Correct

B$37,000

C$48,000

D$60,000

Explanation

Total payments = $764.15 × 15 × 12 = $764.15 × 180 = $137,547. Total interest = $137,547 – $85,000 (principal) = $52,547.

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