On June 1, you borrowed $195,000 to buy a house. The mortgage interest rate is 2.5%. The loan is to be repaid in equal monthly payments over 15 years. All taxes and insurance premiums are to be paid separately.How much interest will you pay over the course of the loan?
1) TOTAL INTEREST PAID OVER THE COURSE OF THE LOAN = approx. $87,750
2) TOTAL INTEREST PAID OVER THE COURSE OF THE LOAN = approx. $42,252
3) TOTAL INTEREST PAID OVER THE COURSE OF THE LOAN = approx. $39,043