Matt borrows $216,000 for a home mortgage. The mortgage is for 26 years at 3.89% interest. If Matt makes an extra principal payment of $270 per month, how much will he pay in total interest over the life of the loan?

a. $127,659.07 b. $522,248.06 c. $302,763.48 d. $86,763.48

Fred borrows $140,000 for a home mortgage with monthly payments. The mortgage is for 20 years at 3.82% interest. How much total interest will Fred pay over the life of the loan?

a. $160,194.01 b. $60,436.65 c. $140,000.00 d. $200,436.65

Parker borrows $163,400 for a home mortgage. The mortgage is for 33 years at 3.00% interest. If Melanie makes an extra principal payment of $90 per month, how much will he pay in total interest over the life of the loan?

a. $74,503.36 b. $336,569.59 c. $237,903.36 d. $94,203.95

Alex has a 32-year home mortgage. He borrowed $350,000 at a rate of 3.42% (fixed). How much of his first monthly mortgage payment will go towards interest (as opposed to principal)?

a. $503.09 b. $997.50 c. $996.07 d. $226,226.89