Question

I'm renting to own a house for $80,000 I paid down $6000 leaving a balance of $74,000 For the past eight years I’ve paid 768.57 a month. How much have I paid from May 2014 to July 2022?

Answer 1

The total amount you have paid from May 2014 to July 2022 is $75,319.86

Balance of rent

• Total cost of the house = $80,000
• Amount paid down = $6000
• Amount to balance = $74,000
• Amount paid per month = $768.57
• May 2014 to July 2022 = (12 × 8) + 2

= 96 + 2

= 98 months

Total amount paid from May 2014 to July 2022 = $768.57 × 98 months

= $75,319.86

The total amount paid so far from May 2014 to July 2022 is $75,319.86

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