Ben and Jane have been approved for a $220,000,30-year mortgage with an APR of 5.82%.What will be their total interest for the 30 years?

Mortgage

A loan used to purchase a property, secured by the real estate itself, typically paid back over a long term with interest.

Interest

The charge for borrowing money, typically expressed as an annual percentage rate.

Comprehend the financial elements integral to investing in real estate, such as equity, the dynamics of mortgage processes, and methods of calculating interest.
Examine and evaluate financial data and reports related to individual and real estate finances.

Verified Answer

Final Answer :

1,293.66 × 360 = 465,717.60 - 220,000 = $245,717.60

Learning Objectives

Comprehend the financial elements integral to investing in real estate, such as equity, the dynamics of mortgage processes, and methods of calculating interest.
Examine and evaluate financial data and reports related to individual and real estate finances.