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19 September, 08:01

Hagan has a fixed rate mortgage of $534,000 at 5.4% for 20 years. The monthly payments are $3,643.22. How much will Hagan pay in interest after 20 years?

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  1. 19 September, 10:26
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    Find the interest on the mortgage first.

    534,000 * (5.4% * 20) = 576,720

    Then find the payments.

    3,643.22 * 20 = 72,864.40

    Then minus the payments from the interest.

    576,720 - 72,864.40 = $503,855.60
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