If Amara has taken out a fixed rate mortgage for $145,000 at 4.04% for 20 years or 240 months her payments are $882 what the total cost of the loan will be is $211,680
Using this formula
Total cost=Fixed rate mortgage years × Payments
Where:
Fixed rate mortgage years=20 years or 240 months
Payments=$882
Let plug in the formula
Fixed rate mortgage years=240 months×$882
Fixed rate mortgage years=$211,680
Inconclusion if Amara has taken out a fixed rate mortgage for $145,000 at 4.04% for 20 years or 240 months her payments are $882 what the total cost of the loan will be is $211,680
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