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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]
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