Answer:
$302956.4
Step-by-step explanation:
Given that:
- Principle (A): $313,000
- Number of years: 30 = 30*12 = 360 months
- Rate of 5.275% = 0.05275 /12 = 0.00434 per month
We need to find out the monthly payment:
[tex]P = A(\frac{i}{1-(1+i)^{-n}})[/tex]
<=> [tex]P = 313000(\frac{0.0043}{1-(1+0.0043)^{-360}})[/tex] = 1710.99
Total payment:
T = nP
T = 360 ×1710.99 = $615969.4
The amount of interest he will pay over the life of his loan is:
I = T – A
= $615969.4 - $313000
= $302956.4
