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Mr. Green wishes to purchase a house that costs $500,000 . His bank requires a 20 percent down payment and will lend him the remainder,
Mr. Green wishes to purchase a house that costs $500,000. His bank requires a 20 percent down payment and will lend him the remainder, at an annual rate of 6 percent, to be paid back over a 25-year period in monthly installments. Mr. Greens monthly mortgage payments are $2,577.21. How much total interest will Mr. Green have paid over the entire 25-year periodof the mortgage loan? Fill in your answer to the nearest penny (one cent).
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