the fosters bought a $286,000 condominium. they made a down payment of $44,000 and took out a mortgage for…

the fosters bought a $286,000 condominium. they made a down payment of $44,000 and took out a mortgage for the rest. over the course of 15 years they made monthly payments of $2042.14 on their mortgage until it was paid off. (a) what was the total amount they ended up paying for the condominium (including the down payment and monthly payments)? (b) how much interest did they pay on the mortgage?

the fosters bought a $286,000 condominium. they made a down payment of $44,000 and took out a mortgage for the rest. over the course of 15 years they made monthly payments of $2042.14 on their mortgage until it was paid off. (a) what was the total amount they ended up paying for the condominium (including the down payment and monthly payments)? (b) how much interest did they pay on the mortgage?

Answer

Explanation:

Step1: Calculate the total amount of monthly payments

The monthly payment is $2042.14 and the number of months in 15 years is $15\times12 = 180$ months. So the total of monthly - payments is $2042.14\times180$. $2042.14\times180=367585.2$

Step2: Calculate the total amount paid (including down - payment)

The down - payment is $44000$. Add the total of monthly payments to the down - payment. $367585.2 + 44000=411585.2$

Step3: Calculate the interest paid

The cost of the condominium is $286000$. Subtract the cost of the condominium from the total amount paid to find the interest. $411585.2-286000 = 125585.2$

Answer:

(a) $411585.2$ (b) $125585.2$