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statuscvo [17]
2 years ago
8

ABCD A building was purchased for $350,000 with a 20% down payment. If the lender charged the buyer three discount point, how mu

ch will the buyer need to cover these two items
Business
1 answer:
Genrish500 [490]2 years ago
8 0

The buyer of the building will need $424,976.87 to cover these two items.

<h3>How are the total mortgage payments determined?</h3>

The total mortgage payments can be determined using an online finance calculator as below.

<h3>Data and Calculations:</h3>

Monthly Pay = $1,180.49

House Price = $350,000.00

Loan Amount = $280,00 ($350,000 - $70,000)

Down Payment = $70,000 ($350,000 x 20%)

Interest rate = 3%

Total of 360 Mortgage Payments = $424,976.87

Total Interest = $144,976.87

Thus, the buyer of the building will need $424,976.87 to cover these two items.

Learn more about determining mortgage payments at brainly.com/question/24576997

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