Financial Planning

Suppose that you are considering a conventional, fixed-rate 15-year mortgage loan for $300,000. The lender quotes an APR of 4%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. In the tenth year of your mortgage (months 109 through 120), what would be the total dollar amount of the interest paid? Do not round at intermediate steps in your calculation.

$7,500.27

$6,412.70

$5,284.99

$9,619.05