Angel Graham takes out a $150,000 mortgage. This is a 30-year at $725 per month. What is the total amount of interest that Angel will pay on this mortgage?

The formula to get the total amount of interest is: P (1+r/n) ^ (nt) - P

Where:

P - Principal amount of the mortgage

r - interest rate ($725/$150,000)

n - number of times the amount is compounded per year (in this case monthly)

t - tenor of the mortgage

Which is 150000 * (1+0.00483/12) ^ (12*30) - 150000 when the given amounts are substituted. The answer then is: 23,383.54.