Alright, let's break down the solution step-by-step based on the provided amortization data.
Question: According to the amortization table, Demarco and Tanya will pay a total of [tex]$\square$[/tex] in interest over the life of their loan. This means their total cost, including the [tex]$\$[/tex] 170,000[tex]$ $[/tex]\square[tex]$
1. Total Interest Paid Over the Life of the Loan:
The amortization table provided indicates the total interest paid over the life of the loan. As we can see in the cumulative interest column for the last entry, the total interest paid by Demarco and Tanya is $[/tex]184,851.
2. Principal Loan Amount:
The principal loan amount, as stated, is [tex]$170,000.
3. Total Cost Including the Principal:
To calculate the total cost including the principal, we simply add the total interest paid to the principal amount.
\[
\text{Total Cost Including Principal} = \text{Principal Loan Amount} + \text{Total Interest Paid}
\]
Given the principal is $[/tex]170,000 and the total interest paid is [tex]$184,851, we have:
\[
\text{Total Cost Including Principal} = 170,000 + 184,851 = 354,851
\]
So, the answers are:
- Total interest paid over the life of their loan: \$[/tex]184,851
- Total cost including the \[tex]$170,000 loan amount: \$[/tex]354,851
Therefore, filling in the blanks in the question:
According to the amortization table, Demarco and Tanya will pay a total of \[tex]$184,851 in interest over the life of their loan. This means their total cost, including the \$[/tex]170,000 principal, is \$354,851.
