The price of a home is $280,000. The bank requires 20%, or $56,000, down payment at the time of closing. Therefore, you are financing $224,000. The cost of the home is financed with a 30-year fixed-rate mortgage at 7%. The monthly payments are $1,490. How much total interest is paid over the life of the loan?

• $44,700.00
• $312,400.00
• $470,400.00
• $536,400.00