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You get a 40-year $180,000 mortgage loan, with monthly payments of $1,184
You get a 40-year $180,000 mortgage loan, with monthly payments of $1,184.53. What is the total interest for the entire 40 years?
Expert Solution
Computation of Total Interest for the entire 40 years:
Total Payment = Monthly Payment * Number of Periods
= $1,184.53*(40 years*12 months)
= $1,184.53*480 months
Total Payment = $568,574.40
Total Interest for the entire 40 years = Total Payment - Mortgage Loan
= $568,574.40 - $180,000
Total Interest for the entire 40 years = $388,574.40
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