Question

Roberto bought a $330,000 house, paying 18% down, and financing the rest at 4.6% interest for 30 years. Her monthly payments are $1387.22. How much will he really pay for her $330,000 house?

Answer 1

Answer:

$558,799.2

Step-by-step explanation:

Given that:

Cost of house = $330 000

Down payment = 18% of cost

Down payment amount = 0.18 * 330,000 = $59,400

Monthly payment = $1387.22

Period of payment = 30 years

Monthly payment after 30 years:

$1387.22 * (30 * 12) = $499,399.2

Hence, amount actually paid :

$59,400 + $499,399.2

= $558,799.2