Question

Shawn Fitzgerald finds a suitable property and agrees upon a selling price of $137,900. The mortgage company requires a 20% down payment and Shawn chooses to finance the property for 30 years at 8%. What is the total amount of interest charged, rounded to the nearest whole dollar? (Hint: First subtract the down payment from the selling price to find the amount to be financed. Round only at the end of your calculations.)

Answer 1

$181,190

Explanation:

Remember the comma in the right area

Answer 2

Amount financed
137,900−137,900×0.20
=110,320
number of thousands
110,320÷1,000
=110.32
Multiply it by the monthly payment per thousands
110.32×7.34
=809.7488
Now multiply it by the number of months in a year
809.7488×12 months
=9,716.9856
Multiply it by the number of years
9,716.9856×30
=291,509.568
Now the total amount of interest charged
291,509.568−110,320
=181,189.568 round your answer
=181190...answer

Hope it helps