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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.

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