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Mr. and Mrs. Thompson purchased a condominium. It was financed with a $185,500, 30-year, 3.875% compounded monthly mortgage.


Find the total interest paid on this mortgage. Please clearly indicate the values on your TVM solver screen. N=0 I%=0 PV=0 PM

Please show all your work if possible and label the answer. Thank you.

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Answer #1

Calculating Monthly Payment,

Using TVM Calculation,

PMT = [PV = 185,500, FV = 0, N = 360, I = 0.03875/12]

PMT = $872.29

Interest Paid = 872.29(360) - 185,500

Interest Paid = $128,524.40

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