Question

You are ready to purchase a house. You found one that you really like for $175,000. You are getting a 30-year mortgage with 4% APR. The lender requires an escrow account for homeowners insurance and homeowners tax. Your homeowners insurance is $1200 per year and your homeowners tax is $1300 per year.

6. Calculate the monthly payment for just the house to the nearest cent.

Answer: 175,000(0.04/12)/(1-(1+0.04/12)^(-12×30)= 835.48

7. How much is the monthly homeowners insurance payment to the nearest cent?

Answer: 1200/12= 100

8. How much is the monthly homeowners tax payment to the nearest cent?

Answer: 1300/12= 108.33

9. Find the total monthly payment to the nearest cent.

Answer: 835.48 + 100 + 108.33 = 1,043.81

10. How much did you pay in total interest at the end of the 30 years? Round to the nearest cent.

I need help with number 10 please.​

Answer 1

you payed 600000 in 30 years

Explanation:

multiply 175000 to 30 then mutiply the same with 1200, 1300 then add them