The mortgage on your new home is \( \$ 180,000 \). Your monthly mortgage payment is \( \$ 839 \) for 30 years. How much interest will be paid, if the house is kept for the full 30 years? \( \$ 122,040 \) \( \$ 154,830 \) \( \$ 169,932 \) \( \$ 302,040 \)

To find out how much interest you will pay over the full 30 years, you first need to calculate the total amount paid on the mortgage. Multiply the monthly payment by the number of months in 30 years: Total payment = Monthly payment × Number of months = \( 839 \, \text{USD} \times 360 = 302,040 \, \text{USD} \). Then, subtract the principal amount of the mortgage from the total payment: Interest paid = Total payment - Principal = \( 302,040 \, \text{USD} - 180,000 \, \text{USD} = 122,040 \, \text{USD} \). So the correct answer is \( \$ 122,040 \). Now, if you're thinking of taking out a mortgage, it's good to know that interest rates can heavily influence your total payout. Shopping around for a lower interest rate can save you thousands in interest payments over the life of the loan! Don’t forget to factor in property taxes, insurance, and potential maintenance costs when budgeting for your home. The mortgage payment is just one piece of the pie; understanding the whole financial picture will ensure you're truly prepared for the responsibilities of home ownership!