Answered

Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Experience the convenience of getting reliable answers to your questions from a vast network of knowledgeable experts. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

CARLIN:




Has been renting a two-bedroom apartment with her husband and 3 kids; wants to move into a three-bedroom home instead

Took her five years, but she has saved $20,000 for a down payment

Homes in her small town are typically selling for $75,000 to $95,000

Is preapproved for a 3. 89% interest rate on a 30-year fixed mortgage

Needs her monthly payment to be less than $400


How much total interest will she pay over the course of the mortgage for this house?

Sagot :

michell96

Carlin will pay a total of $45,000 for interests if she buys an $85,000 house.

What is the interest?

The interest refers to the amount of money Carlin needs to pay to the bank for the loan.

How is the interest calculated?

Total interest: Percentage given of the total loan.

Let's assume Carlin buys an $85,000 house.

  • $85,000 - $20,000 (down payment) = $65,000
  • $65,000 / 100 x 3.89 = $2528

$2528 would be the annual interest paid for $65,000. However, as Carlin pays her debt the total of money left will decrease and so will do the interest that she pays.

Due to this, the total interest would be approximately $45,000.

Learn mor about interest in: https://brainly.com/question/2883618

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.