Posted by **shirley** on Monday, May 28, 2012 at 4:12pm.

Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What is the total amount of interest paid on the 30 year loan?

- Please Help -
**Henry**, Wednesday, May 30, 2012 at 10:28pm
Po = 450,000 - 0.4*450,000 = $270,000 =

Amt. of loan.

P+I=$270,000 * $6.00/$1000 = $1620/mo.

Tot.(P+I). = 1620/mo * 360mo = $583,200

Tot.Int = 583,200 - 270,000 = $313,200

## Answer this Question

## Related Questions

- algebra - Suppose that you want to purchase a home for $450,000 with a 30 year ...
- Finance - Suppose that you want to purchase a home for $450,000 with a 30 year ...
- Math - Suppose that you want to purchase a home for $450,000 with a 30 year ...
- math - Suppose that you want to purchase a home for $450,000 with a 30 year ...
- algebra with application - Suppose that you want to purchase a home for $450,000...
- ALGEBRA - Suppose that you want to purchase a home for $450,000 with a 30 year ...
- math - Suppose that you want to purchase a home for $450,000 with a 30 year ...
- math - Suppose that you want to purchase a home for $450,000 with a 30 year ...
- algebra with application - Suppose that you want to purchase a home for $450,000...
- Finance - Say that you purchase a house for $270,000 by getting a mortgage for $...