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MathematicsMathematics
15 August, 12:32

Darren is purchasing a home for $973000. He makes 25% down payment and obtains a 20 year fixed rate mortgage loan at 8% annual interest. His monthly payments are $6103.92. He pays an antangible tax of 0.7%. Which of the following is the total cost of principal, interest, down payment, and intangible tax?

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  1. 15 August, 13:39
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    Down payment

    973,000*0.25=243,250

    principle

    973,000-243,250=729,750

    interest

    6,103.92*12*20-729,750=735,190.8

    intangible tax

    729,750*0.007=5,108.25

    Total cost

    243,250+729,750+735,190.8

    +5,108.25=1,713,299.05
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Home » Mathematics » Darren is purchasing a home for $973000. He makes 25% down payment and obtains a 20 year fixed rate mortgage loan at 8% annual interest. His monthly payments are $6103.92. He pays an antangible tax of 0.7%.
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