in (a)?(d) to two decimal places, if necessary. An auto parts store sells for $2

Question

in (a)?(d) to two decimal places, if necessary. An auto parts store sells for $275,000 and an 8% down payment is made. A 40?year mortgage at 6.5 % is obtained, and closing costs are $5,850.Find the Total interest paid

7802605185310998 8 1 5 8 1 5 8 2 5 9 3 71482 4 3444555666778889 3335704940742087 51470370371482693 34445556667778889 9777802594951852 -4 7 0 3 6 0 3 6 9 3604715 3-44 5 5 6 6 6 6 7 7 8 8 8 9 9 1865445792594940 50 2 5 8 1 47037037048 2 5555666777888999 0630866566802582 8036814703603693 2|5666677788899990 1 5051741976544557 5-1 4 6 9 1 4 7 9 2 5814703 1-7 7 7 7 8 8 8 8 9 9 9 0 0 0 1 1 5 5 5 5 5 5 5 001 3 4 4 5 5 6 6 7 7 8 8 9 9 111

Explanation / Answer

Sales amt $            275,000 Down Payment 8%              22,000 Clsoing cost                 5,850 Loan Amt            258,850 From table Monthly payment per $1000 for 40 yr mortgage @6.5%= 5.85 So monthly Amt for $258,850=                       1,514.27 Total Amount of installment payable in 480 months =15142.7*480                = $ 726,850.80 Interest Payeble = Total Installment Paid -Loan Amount                      =            468,001 So interest paid= $        468,001

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