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?
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
