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Mathematics

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Divya has a 30-year mortgage for $248,000 with a 3.8% fixed annual interest rate.What is the total interest Divya pays on her loan?$282,720.00$60,980.80$168,005.20$416,005.20

Answer :

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Given:

Principal, P=$248,000

Rate, r=3.8%

Year, t=30 years

To find the total interest:

Using the formula,

[tex]\begin{gathered} I=\frac{\text{P}\times\text{r}\times\text{t}}{100} \\ =\frac{248000\times3.8\times30}{100} \\ =282,720 \end{gathered}[/tex]

Hence, the total interest is $282,720.00.

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