The total interest cost is 110, 602 dolars.
Explanation:
The total interest cost has been calculated below. The total interest cost is calculated by multiplying interest rate per month with outstanding loan balance.
Key
M means month there are 240 months in 20 years = 20 *12 =240
Os outstanding loan amount
P payment means monthly installment (principal + interest)
I mean interest per month (7%/12)
PP means payment towards principal
Bal outstanding loan balance = loan amount -principal paid
M OS P I pp Bal
1128,500996749.58246.68128,253.32
2128,253996748.144248.12128,005.21
3128,005996746.697249.56127,755.64
4127,756996745.241251.02127,504.63
5127,505996743.777252.48127,252.14
6127,252996742.304253.96126,998.19
7126,998996740.823255.44126,742.75
8126,743996739.333256.93126,485.82
9126,486996737.834258.43126,227.40
10126,227996736.326259.93125,967.46
11125,967996734.810261.45125,706.01
12125,706996733.285262.97125,443.04
13125,443996731.751264.51125,178.53
14125,179996730.208266.05124,912.48
15124,912996728.656267.60124,644.87
16124,645996727.095269.16124,375.71
17124,376996725.525270.74124,104.97
18124,105996723.946272.31123,832.66
32120,145996700.843295.42119,849.18
18051,011996297.567698.6950,312.80
18150,313996293.491702.7749,610.03
18249,610996289.392706.8748,903.16
18348,903996285.268710.9948,192.17
18448,192996281.121715.1447,477.03
18547,477996276.949719.3146,757.72
18646,758996272.753723.5146,034.21
18746,034996268.533727.7345,306.49
18845,306996264.288731.9744,574.51
18944,575996260.018736.2443,838.27
19043,838996255.723740.5443,097.73
19143,098996251.403744.8642,352.88
19242,353996247.058749.2041,603.68
19341,604996242.688753.5740,850.10
19440,850996238.292757.9740,092.14
19540,092996233.871762.3939,329.75
19639,330996229.424766.8438,562.91
19738,563996224.950771.3137,791.60
19837,792996220.451775.8137,015.79
19937,016996215.925780.3336,235.46
20036,235996211.374784.8935,450.57
20135,451996206.795789.4734,661.11
20234,661996202.190794.0733,867.04
20333,867996197.558798.7033,068.33
20433,068996192.899803.3632,264.97
20532,265996188.212808.0531,456.92
20631,457996183.499812.7630,644.16
20730,644996178.758817.5029,826.66
20829,827996173.989822.2729,004.39
20929,004996169.192827.0728,177.32
21028,177996164.368831.8927,345.43
21127,345996159.515836.7426,508.68
21226,509996154.634841.6325,667.06
21325,667996149.725846.5424,820.52
21424,821996144.786851.4723,969.05
21523,969996139.819856.4423,112.61
21623,113996134.824861.4422,251.17
21722,251996129.799866.4621,384.71
21821,385996124.744871.5220,513.20
21920,513996119.660876.6019,636.60
22019,637996114.547881.7118,754.88
22118,755996109.403886.8617,868.03
22217,868996104.230892.0316,976.00
22316,97699699.027897.2316,078.76
22416,07999693.793902.4715,176.30
22515,17699688.528907.7314,268.56
22614,26999683.233913.0313,355.54
22713,35699677.907918.3512,437.18
22812,43799672.550923.7111,513.47
22911,51399667.162929.1010,584.38
23010,58499661.742934.529,649.86
2319,65099656.291939.978,709.89
2328,71099650.808945.457,764.44
2337,76499645.293950.976,813.47
2346,81399639.745956.515,856.96
2355,85799634.166962.094,894.86
2364,89599628.553967.713,927.15
2373,92799622.908973.352,953.80
2382,95499617.231979.031,974.77
2391,97599611.520984.74990.03
2409909965.775990.48-0.45
