Answered

Discover a world of knowledge at Westonci.ca, where experts and enthusiasts come together to answer your questions. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

In order to buy a ​$125,000 ​house, a couple puts down ​$25,000 and takes out a mortgage on the balance. To pay off the​ mortgage, they pay ​$559.51 per month for the following 480 months. How much more will they end up paying for the house than the original price of ​$125,000​?

Sagot :

chibabykalu16

Answer:

$168,564.80

Step-by-step explanation:

To determine how much more the couple will end up paying for the house than the original price of $125,000, we need to calculate the total amount paid through the monthly mortgage payments, and then subtract the original house price from the total amount paid to find the extra amount paid.

Calculate the Total Mortgage Payments

Total mortgage payments = Monthly payment × Number of payments

= ​$559.51 * 480

= $268,564.80

Calculate the Total Amount Paid for the House

Total amount paid = Down payment + Total mortgage payments

= $25,000 + $268,564.80

= $293,564.80

Calculate the Extra Amount Paid

Extra amount paid = Total amount paid − Original house price

= $293,564.80 - ​$125,000

= $168,564.80

Therefore, the couple will end up paying an additional $168,564.80 more than the original price of the house.

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.