Question 1202998: Roberto bought a $230,000 house, paying 20% down, and financing the rest at 4% interest for 30 years. His monthly payments are $878.44. How much will he really pay for his $230,000 house?
Roberto will pay a total of $ ??? for the house.
Found 2 solutions by ankor@dixie-net.com, Theo: Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Roberto bought a $230,000 house, paying 20% down, and financing the rest at 4% interest for 30 years.
His monthly payments are $878.44.
How much will he really pay for his $230,000 house?
:
Down payment .20(23000) = $46,000
Mort: 878.44 * 12 * 30 = $312,238.40
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total paid for the house: $362,238.40
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Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! 30 year loan multiplied by 12 months per year = 360 months.
360 * 878.44 = 316,238.4
the loan was for 230,000 minus .2 * 230,000 = 184,000.
the total payments made over the life of the loan was 316,238.4.
316,238.4 minus 184,000 = 132,238.4 was the total interest paid over the life of the loan.
the total amount paid if the number of months of the loan times the payment each month.
the total interest paid is the total money paid minus the present value of the loan (this is equivalent to the loan amount).
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