calculate the total interest paid on a 30-year, 3.9% fixed-rate $200,000 mortgage loan.
remember that number of compounding periods in a year n = number of payments expected to be made in a year. if you make monthly mortgage payments, then interest on the loan is compounded monthly.
give answer in dollars rounded to the nearest cent. do not enter "$" sign in answer.

139,600.96

Step-by-step explanation:

We use the payment of a loan formula:

P is the principal: $200,000. t is the number of years: 30, n is 12 since it is compounded monthly. And r is 0.039 which is 3.9% in decimal form (3.9/100)

So the formula becomes:  

And using our calculator we get: PMT = $943.336

Then the total amount of money paid in the mortgage is:  

PMT*n*t = $943.336(12)(30) = $339,600.96

Therefore, the interest paid is:  

$339,600.96 - $200,000 = $139,600.96

You have to enter it without $ and rounded to the nearest cent so: 139,600.96

step-by-step explanation: