You borrowed $185,000 for 30 years to buy a house. The interest rate is 4.5 percent, compounded monthly. If you pay all of your monthly payments as agreed, how much total interest will you pay on this mortgage?
Added by Erin H.
Step 1
First, we need to find the monthly interest rate. Since the annual interest rate is 4.5%, we can divide it by 12 to get the monthly interest rate: Monthly interest rate = (4.5% / 12) = 0.045 / 12 = 0.00375 Show more…
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