Mark takes out a $238,000 mortgage for 30 years. Instead of paying his monthly payment of $1,220.09, he decided to pay $1,420.09. This leads to Mark paying off the entire mortgage in 22 years and 5 months. Mark calculates the percent of the total loan he pays back in interest with and without the extra payments. What is the difference between Mark's calculated percentages?

24.04%

Step-by-step explanation:

Given that:

Mortgage = $238,000

Number of years = 30

Monthly payment without extra payment= $1220.09

Monthly payment with extra payment = $1420.09

Total amount paid :

Number of months * monthly payment

12 months = 1year

30 years = (30 * 12) = 360 months (without extra payment)

22 years 5 months = (22 * 12) + 5 = 269 months (with extra payment)

Amount paid without extra payment :

$1220.09 * 360 = $439232.4

Percentage of total loan paid as interest :

((439232.4 - 238000) / 238000) * 100%

= 0.8455142 = 84.55%

Amount paid with extra payment :

$1420.09 * 269 = 382004.21

Percentage of total loan paid as interest :

((382004.21 - 238000) / 238000) * 100%

= 0.6050597 = 60.51%

Difference between percentages:

84.55% - 60.51% = 24.04%

i get you, what you should do is think of the positive things that would come out of it. it will make yours parents proud and raise your grade. you should always try and if you can't focus tell the teacher.