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28 January, 04:48

Ringo obtains a 15-year 5.4% fixed rate mortgage for $505,500. The monthly payments are about $4,104. What is the total amount of interest for Ringo's mortgage?

$233,220

$39,891

$27,297

$532,797

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  1. 28 January, 07:30
    0
    The monthly payments are about $4,104: $4,104*15yr*12mo=$738,720

    $738,720-$505,500=$233,220

    The total amount of interest for Ringo's mortgage is B.$233,220.
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