Answer:
24% of $400,000 = 0.24 x $400,000 = $96,000
The amount he financed is:
$400,000 - $96,000 = $304,000
To calculate the total amount Roberto will pay for the house, we need to add up the principal (the amount he borrowed), the interest, and any fees or charges. We can use the formula for the monthly payment of a mortgage to find the total amount:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]
where M is the monthly payment, P is the principal, i is the monthly interest rate (6.2% divided by 12), and n is the total number of payments (30 years times 12 months per year).
Plugging in the values, we get:
$1861.91 = $304,000 [ 0.00516667(1 + 0.00516667)^360 ] / [ (1 + 0.00516667)^360 - 1]
Solving for P, we get:
P = $304,000
So the total amount Roberto will pay for the house is:
$96,000 (down payment) + $1861.91 x 360 (monthly payments for 30 years) = $96,000 + $670,287.60 = $766,287.60
Therefore, Roberto will pay a total of $766,287.60 for the $400,000 house.