Westonci.ca is the ultimate Q&A platform, offering detailed and reliable answers from a knowledgeable community. Explore thousands of questions and answers from a knowledgeable community of experts on our user-friendly platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.
Sagot :
Explanation:
Step 1:
Calculate trge total amount of monthly repayment over 30 years, we will have
For each month he paid
[tex]\text{ \$}1774.68[/tex]For 30 years, he will pay
[tex]\begin{gathered} 1774.68\times30\times12 \\ =\text{ \$}638,884.8 \end{gathered}[/tex]The amoun of the down payment is
[tex]\text{ \$}43,000[/tex]Hence,
The amount they ended up paying for the townhome
(including the down payment and monthly payments) will be
[tex]\begin{gathered} 638884.80+43000 \\ monthlyrepayments+downpayment \\ =\text{ \$}681,884.80 \end{gathered}[/tex]Step 2:
To figure out the interst paid on the mortgage, we will substracted the total amount for the townhome from the total repayment including downpayment
[tex]\begin{gathered} interest=\text{ \$}681,884.80-\text{ \$}339,000 \\ interest=\text{ \$}342,884.80 \end{gathered}[/tex]Hence,
The interest is
[tex]\imaginaryI nterest=\text{ \$}342,884.80[/tex]
Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.
