A couple who wants to purchase a home with a price of $340 000 has $100,000 for

Question

A couple who wants to purchase a home with a price of $340 000 has $100,000 for a down payment. If they can got a 25-year mortgage at 8% per year on the unpaid balance, find each of the following. What will be their monthly payments? What is the total amount they will pay before they own the house outright? How much interest will they pay over the life of the loan? Their monthly payments would be approximately $_____. (Do not round until the final answer. Then round to the nearest hundredth as needed.) They will pay a total amount of approximately $_____ before they own the house outright. (Use the answer from part a to find this answer. Round to the nearest hundredth as needed.) The total interest is approximately $______. (Use the answer from part b to find this answer. Round to the nearest hundredth as needed.)

Explanation / Answer

Price of home $340,000 Down payment $100,000 Remaining Amount to be paid $240,000 Time 25 Rate 8% EMI $1,852.36 A total amount $555,707.68 Total interest $315,707.68 C total amount paid for house before owning $655,707.68 B

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