Question

The Jacksons bought a $276,000 condominium. They made a down payment of S43,000 and took out a mortgage for the rest. Over the course of 30 years theymade monthly payments of $1396.96 on their mortgage until it was paid off.Х$?(a) What was the total amount they ended up paying for the condominium(including the down payment and monthly payments)?si(b) How much interest did they pay on the mortgage?si

Answer 1

(a) What was the total amount they ended up paying for the condominium

(including the down payment and monthly payments)?

We need to calculate the total monthly payments, plus the down payment.

$=1396.96\cdot30\cdot12+43000=545905.60$

So, the total amount they ended up paying was $545,905.60

(b) How much interest did they pay on the mortgage?

The interest they pay is: $269,905.60

$=545905.60-276000.00=269905.60$