Real Estate Math
A borrower pays $1,750/month on a fully amortized 30-year mortgage. How much will they pay in total over the life of the loan?
A$525,000
B$420,000
C$630,000✓ Correct
D$840,000
Explanation
Total payments = $1,750 × 12 months × 30 years = $1,750 × 360 = $630,000. Using the values given ($1,750), apply the appropriate formula.. The correct answer is $630,000.. This is a common calculation on the Utah real estate exam.
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