Constance hairston obtains a 20-year, $128,500 mortgage at 7% on a house selling for $128,500. her monthly payment, including principal and interest, is $996.26. how much of the total cost will be interest?

The total interest cost is 110, 602 dolars.

Explanation:

The total interest cost has been calculated below. The total interest cost is calculated by multiplying interest rate per month with outstanding loan balance.

Key

M means month there are 240 months in 20 years = 20 *12 =240

Os outstanding loan amount

P payment means monthly installment (principal + interest)

I mean interest per month (7%/12)

PP means payment towards principal

Bal outstanding loan balance = loan amount -principal paid

M       OS            P       I              pp         Bal

1128,500996749.58246.68128,253.32

2128,253996748.144248.12128,005.21

3128,005996746.697249.56127,755.64

4127,756996745.241251.02127,504.63

5127,505996743.777252.48127,252.14

6127,252996742.304253.96126,998.19

7126,998996740.823255.44126,742.75

8126,743996739.333256.93126,485.82

9126,486996737.834258.43126,227.40

10126,227996736.326259.93125,967.46

11125,967996734.810261.45125,706.01

12125,706996733.285262.97125,443.04

13125,443996731.751264.51125,178.53

14125,179996730.208266.05124,912.48

15124,912996728.656267.60124,644.87

16124,645996727.095269.16124,375.71

17124,376996725.525270.74124,104.97

18124,105996723.946272.31123,832.66

32120,145996700.843295.42119,849.18

18051,011996297.567698.6950,312.80

18150,313996293.491702.7749,610.03

18249,610996289.392706.8748,903.16

18348,903996285.268710.9948,192.17

18448,192996281.121715.1447,477.03

18547,477996276.949719.3146,757.72

18646,758996272.753723.5146,034.21

18746,034996268.533727.7345,306.49

18845,306996264.288731.9744,574.51

18944,575996260.018736.2443,838.27

19043,838996255.723740.5443,097.73

19143,098996251.403744.8642,352.88

19242,353996247.058749.2041,603.68

19341,604996242.688753.5740,850.10

19440,850996238.292757.9740,092.14

19540,092996233.871762.3939,329.75

19639,330996229.424766.8438,562.91

19738,563996224.950771.3137,791.60

19837,792996220.451775.8137,015.79

19937,016996215.925780.3336,235.46

20036,235996211.374784.8935,450.57

20135,451996206.795789.4734,661.11

20234,661996202.190794.0733,867.04

20333,867996197.558798.7033,068.33

20433,068996192.899803.3632,264.97

20532,265996188.212808.0531,456.92

20631,457996183.499812.7630,644.16

20730,644996178.758817.5029,826.66

20829,827996173.989822.2729,004.39

20929,004996169.192827.0728,177.32

21028,177996164.368831.8927,345.43

21127,345996159.515836.7426,508.68

21226,509996154.634841.6325,667.06

21325,667996149.725846.5424,820.52

21424,821996144.786851.4723,969.05

21523,969996139.819856.4423,112.61

21623,113996134.824861.4422,251.17

21722,251996129.799866.4621,384.71

21821,385996124.744871.5220,513.20

21920,513996119.660876.6019,636.60

22019,637996114.547881.7118,754.88

22118,755996109.403886.8617,868.03

22217,868996104.230892.0316,976.00

22316,97699699.027897.2316,078.76

22416,07999693.793902.4715,176.30

22515,17699688.528907.7314,268.56

22614,26999683.233913.0313,355.54

22713,35699677.907918.3512,437.18

22812,43799672.550923.7111,513.47

22911,51399667.162929.1010,584.38

23010,58499661.742934.529,649.86

2319,65099656.291939.978,709.89

2328,71099650.808945.457,764.44

2337,76499645.293950.976,813.47

2346,81399639.745956.515,856.96

2355,85799634.166962.094,894.86

2364,89599628.553967.713,927.15

2373,92799622.908973.352,953.80

2382,95499617.231979.031,974.77

2391,97599611.520984.74990.03

2409909965.775990.48-0.45

107x106 is the answer