Use an Amortization Table to Solve the Problem

question 85

Short Answer

Use an amortization table to solve the problem. Round to the nearest cent.
-A bank makes a home mortgage loan of $180,000 at 7.25% amortized in equal monthly payments over 30 years.
What is the total amount paid in interest when the mortgage is paid off (round to the nearest dollar)?

---

Definitions:

Impossible

That which cannot occur, exist, or be done; a situation or condition not feasible within the current laws of physics or reality.

Defensive Self-esteem

Self-esteem that is fragile and sensitive to criticism, often leading individuals to respond defensively to perceived threats.

Self-serving Bias

The common tendency to attribute positive events to one’s own character but attribute negative events to external factors.

Narcissism

A personality trait characterized by an inflated sense of one's own importance, a deep need for excessive attention and admiration, coupled with a lack of empathy for others.