Question 1169336
the following financial calculator can help you find the answer easily.


<a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>


here's a display of the results.


<img src = "http://theo.x10hosting.com/2020/110902.jpg">


inputs are:


future value = 0
number of periods = 30 years * 12 = 360 months
payment amount = -1450 (negative because it's money going out)
interest rate % per period = 8% / 12 = .6666666....
payment at end


output is:


future value = 197,611.07


that's your solution.


you made 360 payments of 1450 each for a total of 522,000.


the mortgage was for 197,611.07


522,000 - 197,611.07 means you paid 324,388.93 in interest over the period of 30 years.


answers to your questions:


a) How big of a loan can you afford?


$197,611.07 rounded to the nearest penny.


b) How much total money will you pay the loan company?


560 * 1450 = $522,000.


c) How much of that money is interest?


$522,000 - $197,611.07 = $324,388.93