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Laura and Martin obtain a 20-year, $90,000 conventional mortgage at 10.5% on a house selling for $110,000. Their monthly mortgage payment including principal and interest, is $898.20.

a) Determine the total amount they will pay for their house b) How much of the cost will be interest? c) How much of the first payment on the mortgage is applied to the principal?

I'm going somewhere wrong on A, I cant seem to figure out the downpayment. I calculated 215568 but now I need to add the downpayment to it. HELP MARKING BRAINLIEST!​

Respuesta :

mhanifa

Answer:

  • $235568
  • $125568

Step-by-step explanation:

Given

  • Time = 20 years = 240 months
  • Mortgage amount = $90000
  • Selling price = $110000
  • Monthly payment = $898.20

a) total amount

  • 110000 - 90000 + 240*898.20 =
  • 20000 + 215568 =
  • $235568

b) Interest cost

  • $235568 - $110000 =
  • $125568

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