Shawn Fitzgerald finds a suitable property and agrees upon a selling price of $137,900. The mortgage company requires a 20% down
payment and Shawn chooses to finance the property for 30 years at 8%. What is the total amount of interest charged, rounded to the nearest whole dollar? (Hint: First subtract the down payment from the selling price to find the amount to be financed. Round only at the end of your calculations.)
Amount financed 137,900−137,900×0.20 =110,320 number of thousands 110,320÷1,000 =110.32 Multiply it by the monthly payment per thousands 110.32×7.34 =809.7488 Now multiply it by the number of months in a year 809.7488×12 months =9,716.9856 Multiply it by the number of years 9,716.9856×30 =291,509.568 Now the total amount of interest charged 291,509.568−110,320 =181,189.568 round your answer =181190...answer
