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Calculate the total interest paid to the bank over course

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Problem 1: You are looking at buying a home with an asking price of $450,000. Since the market is hot, you plan to put in an offer for the full asking price. You also plan to put a $90,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 3% APR (compounded monthly). Assume your first payment is made one month from today and all payments are made on time, calculate the total interest paid to the bank over the course of 30 years. (Enter a positive value and round to 2 decimals)

Reference no: EM132919722

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