Mae took out a 30-year loan for $235,000 at 4.6% interest, compounded monthly. If her monthly payment on the loan will remain $1204.71 for the life of the loan, how much will Mae have paid in interest once the loan is paid off?
Accepted Solution
A:
1204.71*30(years)*12(months per year)=$433,695.60 Original price was 235,000 so she paid 433,695.60-235,000=$198,695.60 in interest.