Answer:
Amount will be equal to $0.35 trillion
Explanation:
Total mortgage loans loans = $7 million.
Mortgage interest rate = 5%
We have to calculate amount which is paid by home owner in annual mortgage interest.
Amount will be equal to
Amount = Total mortgage loans [tex]\times[/tex] mortgage interest rate
= $7[tex]\times[/tex]0.05 = $0.35 trillion
So the amount will be equal to $0.35 trillion
