Question

The Wong family bought a $190,000 home in 2001. They obtained a mortgage loan for 30 years. The monthly payment, not including property taxes and insurance, is $995. How much total principal and interest will they pay for the house after 30 years?

Answer 1

Answer:

C: 358200

Explanation:

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Answer 2

The combined total amount of principal and interest paid after 30 years for the house is $358,200.

What is a mortgage loan?

A mortgage loan is a type of loan that is being secured by any fixed asset against which the individual can take the funds.

Given values:

Monthly payment: $995

Number of years: 30

Number of months in a year: 12

Computation of mortgage payment after 30 years:

$\rm\ Mortgage \rm\ Payment=\rm\ Monthly \rm\ Payment \times\ \rm\Months \rm\ in \rm\ a \rm\ Year \times\ \rm\ Number \rm\ of \rm\ years\\\rm\ Mortgage \rm\ Payment=\ 995 \times\ 12 \times\ 30\\\rm\ Mortgage \rm\ Payment=\ 358,200$

Therefore, the amount of $358,200 is the combined principal and interest paid after 30 years.

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