You borrow $185,000 to buy a house. The mortgage rate is 3 percent compounded monthly and the loan period is 15 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay over the life of the loan?

Hint: Total interest is = (total amount paid in payments over 15 years) - (original loan amount)

$45,000.56

$44,963.69

$48,212.03

$50,124.85