Question 1193350
he paid 134,200 down payment and received a mortgage from a bank for the remaining amount.
he will pay 5660 at the end of each quarter (3 months is a quarter of a year) for 29 years at an interest rate of 2.46% per year compounded quarterly.
the length of the loan is 29 years * 4 quarters per year = 116 quarters.
the interest rate per quarter is 2.46% / 4 = .616%.
total amount he paid over the 29 year period is 5660 * 116 = 656,560
the present value of the payments = 468,402.19
total interest he paid is 656,560 minus 468,402.19 = 188,157.81.


i used the financial calculator at <a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>


results are shown below:


<img src = "http://theo.x10hosting.com/2022/041801.jpg" >


inputs were everything except present value.
output was present value.