Question

Cheyenne took out a 30-year loan for $350,000 at 2.9% interest, compounded monthly. If her monthly payment on the loan will remain $1456.80 for the life of the loan, how much will Cheyenne have paid in interest once the loan is paid off?



A. $350,000.00
B. $360,150.00
C. $524,448.00
D. $174,448.00

Answer 1

The answer is d.

Explanation:

1456.80 per month
1456.80 times 12 = how much per year
17481.6 = how much per year
17481.6 times 30 years = 524448
$524448 - the original loan(350,000) = $174,448

Answer 2

Answer: $ 174,448.00 Apex