Answer-
Graham paid an interest of $111,000.
Solution-
The mortgage amount is $150,000
The amount of money Graham is paying monthly = $725
Time = 30 years = 30 × 12 = 360 months
So, the total amount of money paid by him is,
[tex]=360\times 725=\$261,000[/tex]
As interest is the extra amount of of money paid upon the original value, so
[tex]\text{Total interest} = 261,000-150,000=\$111,000[/tex]
Therefore, Graham paid an interest of $111,000.
