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Goshia [24]
3 years ago
5

Susan and ronald dugan agreed upon the price of 256,000 for their new home. They plan to make 30 percent down payment and financ

e the rest at 7.5 persent for 20 years. What the total amount to be paid rounded to the nearest whole dollar?
Mathematics
1 answer:
Eduardwww [97]3 years ago
7 0

Answer:

The total amount to be paid for new home is $838,014.72  

Step-by-step explanation:

Given as :

The price of the new house = $256,000

The down payment amount = 30% of house price

So, The down payment price =  30% of $256,000

i.e The down payment price =  \dfrac{30}{100} × 256000

Or, The down payment price = $76,800

Now, rest amount is finance

So, The finance Amount = p = $256000 - $76800 = $179,200

The rate of interest applied = r = 7.5%

The time period of finance = t = 20 years

Let The Amount after 20 years of finance = $A

Let The total amount to be paid for new home = $B

<u>Now, From Compound Interest </u>

Amount = Principal × (1+\dfrac{\textrm rate}{100})^{\textrm time}

Or, A = p × (1+\dfrac{\textrm r}{100})^{\textrm t}

Or, A = $179,200 × (1+\dfrac{\textrm 7.5}{100})^{\textrm 20}

Or, A = $179,200 × (1.075)^{\textrm 20}

Or, A = $179,200 × 4.24785

∴  A = $761,214.72

So,The Amount after 20 years of finance = A = $761,214.72

<u>Now, Again</u>

The total amount to be paid for new home = Down payment amount + The Amount after 20 years of finance

Or, B = $76,800 + A

Or, B = $76,800 + $761,214.72

Or, B = $838,014.72

So, The total amount to be paid for new home = B = $838,014.72

Hence, The total amount to be paid for new home is $838,014.72  Answer

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