QUESTION $3-1$ POINT

Tom wishes to purchase a property that's been valued at $$470,000.$ He has $10\%$ of this amount available as a cash deposit

and will require a mortgage for the remaining amount. The bank offers him a $30-$year mortgage at $2\mathrm{.}75\%$ interest. Calculate

the total interest Tom will pay over the lifetime of the loan.

Round your answer to the nearest dollar. Do not round until you have calculated the final answer.

Provide your answer below: