Question

The Howards bought a $224,000 townhome. They made a down payment of $45,000 and took out a mortgage for the rest. Over the course of 30 years they
made monthly payments of $1073.21 on their mortgage until it was paid off.
th
total amount they ended un naying for the townhome

Answer 1

1 year = 12 months.

30 years x 12 months per year = 360 total months

Multiply total months by monthly payment:

360 months x 1,073.21 per month = $386,355.60 total monthly payments for 30 years.

Now add the down payment to the total monthly amount:

$386,355.60 + $45,000 = $431,355.60

Total amount paid: $431,355.60