David borrows $230,000 to buy a house. The mortgage rate is 4.5 percent and the loan period is 25 years. Payments are made monthly. If John pays the mortgage according to the loan agreement, how much total interest will John pay

EMI  

Loan Amount230000

Interest rate per period0.00375

Number of periods300

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,  

EMI= Equal Monthly Payment

P= Loan Amount  

R= Interest rate per period

N= Number of periods    

= [ $230000x0.004 x (1+0.004)^300]/[(1+0.004)^300 -1]

= [ $862.5( 1.004 )^300] / [(1.004 )^300 -1

=$1278.4147  

Total payment = $1278.4147*300

=$383524.41  

Interest payment = total payment - laon amount

                             =$383524.41-230000  

Interest payment  =$1,53,524.41

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