SOLUTION: Roberto bought a $190,000 house, paying 16% down, and financing the rest at 5% interest for 30 years. Her monthly payments are $856.77. How much will he really pay for her $190,000

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Question 1195631: Roberto bought a $190,000 house, paying 16% down, and financing the rest at 5% interest for 30 years. Her monthly payments are $856.77. How much will he really pay for her $190,000 house?
Roberto will pay a total of $ ____ for the house.
Found 2 solutions by Boreal, MathTherapy:
Answer by Boreal(15235)   (Show Source): You can put this solution on YOUR website!
The down payment is $30,400.
There are 360 interest payments of $856.77=$308,437.20
The answer is their sum or $348,837.20.
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!
Roberto bought a $190,000 house, paying 16% down, and financing the rest at 5% interest for 30 years. Her monthly payments are $856.77. How much will he really pay for her $190,000 house?
Roberto will pay a total of $ ____ for the house.
30 yearly/360 monthly payments of $856.77 each, plus 16% of $190,000 results in a total investment of $338,837.20.

Other person's answer is WRONG! 

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