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How much interest will the borrower pay over the life

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Problem 1: A home buyer bought a house for $245,000. The buyer paid 20 percent down but decided to finance closing costs of 3 percent of the mortgage amount. If the borrower took out a 30-year fixed-rate mortgage at a 5 percent annual interest rate, how much interest will the borrower pay over the life of the mortgage?

A. $224,655
B. $248,575
C. $228,477
D. $180,622
E. $188,265

Reference no: EM132672464

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