Terry took out a mortgage loan for $60,000 at an interest rate of 11% for 25 years. If Terry had not had a bankruptcy on her credit report, her payments could have been $424.07 per month. How much is Terry paying in additional interest over the life of the loan?

At 11% for 25 years, a $60,000 mortgage has a monthly payment of about $588.07. Compared with the $424.07 payment Terry could have had, that is $164 more each month. Over 25 years, or 300 months, the extra amount is $164 × 300 = $49,200, so the answer is $49,200.00.

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