Is the total amount of interest paid on a 30-year mortgage directly proportional to the interest rate of the loan? Explain.

Question

No, the total amount of interest paid on a 30-year mortgage grows proportional to the square root of the interest rate.
No, the total amount of interest paid on a 30-year mortgage grows exponentially from the interest rate.
Yes, the total amount of interest paid on a 30-year mortgage grows linearly from the interest rate.
No, the total amount of interest paid on a 30-year mortgage grows the same for all interest rates.

Answer 1

No, the total amount of interest paid on a 30-year mortgage does not grow the same for all interest rates. The amount of interest paid is directly proportional to the interest rate of the loan. This means that as the interest rate increases, the total amount of interest paid also increases proportionally, and vice versa.