Answer: The total sum of all monthly payments required to pay off this loan is $410,932.
To calculate this, we need to first find the amount of the loan that is not covered by the deposit. The deposit is 20% of $300,000, or $60,000, so the remaining amount of the loan is $300,000 - $60,000 = $240,000.
Next, we need to calculate the monthly payment on the loan. We can use the formula for a fixed-payment loan to do this:
Payment = (Loan amount x Monthly interest rate) / (1 - (1 + Monthly interest rate)^(-Number of months))
The monthly interest rate is the annual interest rate divided by 12, or 0.0394 / 12 = 0.003283.
The number of months is the number of years times 12, or 30 x 12 = 360.
Plugging these values into the formula gives:
Payment = ($247,249 x 0.003283) / (1 - (1 + 0.003283)^(-360)) = $1,151.80
Finally, we can find the total sum of all monthly payments by multiplying the monthly payment by the number of months:
Total payments = $1,151.80 x 360 = $410,932 (rounded to the nearest whole number).
Explanation: