Mae took out a 30-year loan for $235,000 at 4.6% interest, compounded monthly. if her monthly payment on the loan will remain $1204.71 for the life of the loan, how much will mae have paid in interest once the loan is paid off?

Mae paid $ 198695.6 in interest once the loan is paid off.

Step-by-step explanation:

Amount taken for loan, P = $ 235,000

Rate of interest, R = 4.6 %

Interest is compounded monthly for 30 years.

Monthly payment paid = $ 1204.71

Number of months in a year = 12

Number of months in 30 year = 12 × 30 = 360

So, Total Amount she pay in 30 year = 360 × 1204.71 = $ 433695.6

Thus, Interest = 433695.6 - 235000 = $ 198695.6

Therefore, Mae paid $ 198695.6 in interest once the loan is paid off.

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