Answer:
$495,614.80
Explanation:
The interest paid will be the total amount paid minus the principal amount.
The amount paid after 30 years using compound interest will be
the future amount. Interest rate is compounded monthly . There are 12 compounds in a year, equivalent to 360 after 30 years.
interest is 4.35 per year or 4.35/12 per month
FV = P x ( 1+ r)N
Fv = 185,000 x ( 1+ 0.3625/100)360
Fv = 185,000 x (1.003625)30
Fv = 185,000 x 3.67899783
Fv = 680,614.60
Interest paid will be = $,614.80 - $185,000.00
=$495,614.80
