Suppose you take out a $351,980 mortgage at 12.3% interest compounded annually. How much interest will you have paid after 20 years?

1. Calculate the amount using the compound interest formula:

A = P(1 + r)^n

where:

\( P = 351,980 \) (principal),

\( r = 0.123 \) (annual interest rate),

\( n = 20 \) (number of years).

Substitute the values into the formula:

A = 351,980(1 + 0.123)^{20}

A = 351,980(1.123)^{20}

A=3,581,897.156

2. Calculate the interest paid:

I = A - P

I=3,581,897.156-351,980

I=3,229,917.156

So, the interest paid after 20 years is

3,229,917.156 .