Question

Ann is buying a house that costs $250,000. She is making a down payment of 15 percent, and her closing costs will amount to 3 percent. Over the life of her loan, she will pay $282,089.89 in monthly payments. What is the total cost of her house?

Answer 1

The percents will be based off of the $250000. Add that to the total loan payments

Answer 2

Answer: 327,089.89

Step-by-step explanation: Down payment = 15% of $250,000 = 0.15 x 250000 = 37,500

closing costs = 3% of $250,000 = 0.03 x 250000 = 7,500

Monthly payments = $282,089.89

Total cost of the house is 37,500 + 7,500 + 282,089.89 = $327,089.89

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