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Arturiano [62]
3 years ago
11

Liz is buying a home for $426,000. She is making a 22% down payment and financing the rest with a 20-year loan at 5.25% interest

. What will her total payment for the home be? Round your answer to the nearest dollar. Use a mortgage table to find the monthly mortgage payment per 1000 dollars borrowed.

Mathematics
2 answers:
olga55 [171]3 years ago
6 0

Answer:

  • <em><u>$869,776</u></em>

Explanation:

<u>1. Mortgage table</u>

Find attached a sample of a mortgage table per 1,000 dollars borrowed.

You have to use the number in the intersection of the row for 5.25% interest and the column for 20 years.

The number is $6.74.

That means that, for every $1,000 borrowed for 20 years at 5.25% interest you will pay $6.74 every month.

<u>2. Amount borrowed</u>

You will make a 22% down payment:

        22\%\times \$ 426,000=\$ 93,720

Thus the amount borrowed is $426,000 - $93,720 = $332,280

<u>3. Monthly payment</u>

Multiply the monthly payment per 1,000 by the amount borrowed divided by 1,000:

      \$ 6.74\times 322,280/1,000=\$ 2,239.57

<u />

<u>4. Total monthly payments:</u>

Multiply the number of payments by the monthly payment.

Number of payments = 20 years × 12 payments /year = 240 payments.

        \$ 2,239.57\times 240=\$ 537,496.13

<u>5. Total payment for the home.</u>

The total payment for the home will be the down payment plus the amount paid to the bank:

  • $322,280 + $537,496 = $869,776

katovenus [111]3 years ago
6 0

Answer:

$631,057

Step-by-step explanation:

I took the test.

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