SOLUTION: Mortgage:James buys a house with $370,000 he put $70,000 down and then finances the rest at 6.3% interest compounded monthly for 25 years find the monthly payment, findthe total

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Question 1139947: Mortgage:James buys a house with $370,000 he put $70,000 down and then finances the rest at 6.3% interest compounded monthly for 25 years
find the monthly payment, findthe total amount he pays for the house, find the total amount of Interest he pays
Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+370000+-+70000+=+300000+
+A+=+A%5B0%5D%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+
+A+=+300000%2A%28+1+%2B+.063%2F12+%29%5E%2812%2A25%29+
+A+=+300000%2A%28+1+%2B+.00525+%29%5E300+
+A+=+300000%2A4.81088+
+A+=+1443264.03+
+I+=+A%5B0%5D+-+A+
+I+=+1443264.03+-+300000+
+I+=+1143264.03+
He pays $1,143,264.03 in interest
He pays $1,443,264.03 total
Get a 2nd opinion if needed and
check my math

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

Mortgage:James buys a house with $370,000 he put $70,000 down and then finances the rest at 6.3% interest compounded monthly for 25 years
find the monthly payment, findthe total amount he pays for the house, find the total amount of Interest he pays
Monthly mortgage payment: highlight_green%28%22%241%2C988.29%22%29

Total amount paid: 

Interest paid: