AnswersPersonal Finance - MathSci Elective half creditCumulative Exam — Cumulative examQuestion 35
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Cumulative Exam — Cumulative exam

Question 35 • Personal Finance - Math/Sci Elective (half credit)

The Wong family bought a $190,000 home in 2001. They obtained a mortgage loan for 30 years. The monthly payment, not including property taxes and insurance, is $995. How much total principal and interest will they pay for the house after 30 years?

Answer
A
$168,200
B
$190,000
C
$358,200
D
$548,200

Explanation

A 30-year mortgage has 30 × 12 = 360 monthly payments. At $995 per month, the total paid in principal and interest is 360 × $995 = $358,200. Therefore, the correct choice is $358,200.

AI-written and checked against the verified answer.

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