The total amount paid for the mortgage will be $123750 and the cost of the mortgage is $178750.
From the information, Kerri takes out a mortgage for $55,000 at 9% for 25 years. The total amount paid will be:
= ($55,000 × 9% × 25)
= $123750
The cost of the mortgage will be:
= $55000 + $123750
= $178750
The monthly payment will be:
= ($55000 + $123750) / 25 years
= $178750/(25 × 12)
= $178750/300
= $595
Learn more about mortgage on:
https://brainly.com/question/1318711
