Roberto bought a $230,000 house, paying 20% down, and financing the rest at 4% interest for 30 years. His monthly payments are $878.44. How much will he really pay for his $230,000 house?
Roberto will pay a total of $ ??? for the house.
To find out how much Roberto will really pay for his house, we need to calculate the total amount he will eventually pay with the monthly payments.
Since he paid 20% down ($230,000 * 0.2 = $<<230000*0.2=46000>>46,000), the remaining amount he financed is $230,000 - $46,000 = $<<230000-46000=184000>>184,000.
To calculate the total amount paid over 30 years, we multiply the monthly payment by the number of months:
$878.44/month * 12 months/year * 30 years = $<<878.44*12*30=299359.20>>299,359.20.
Finally, we add the down payment to the total amount paid to find out how much he will really pay:
$299,359.20 + $46,000 = $<<299359.20+46000=345359.20>>345,359.20.
Therefore, Roberto will really pay $345,359.20 for his $230,000 house.
To calculate how much Roberto will really pay for his $230,000 house, we need to consider the down payment, the loan amount, the interest rate, and the duration of the loan.
First, let's calculate the down payment. Roberto paid 20% of the house price as a down payment. Therefore, the down payment amount is 20% of $230,000, which is $46,000.
Next, we need to determine the loan amount. The loan amount is the difference between the house price and the down payment. So, it is $230,000 - $46,000 = $184,000.
Now, let's calculate the total interest paid over the 30-year period. The monthly payment of $878.44 remains constant throughout the loan term. We can use this information to calculate the total interest paid by multiplying the monthly payment by the number of months in 30 years (360 months) and subtracting the loan amount.
Total interest paid = (Monthly payment * Number of months) - Loan amount
Total interest paid = ($878.44 * 360) - $184,000
Total interest paid = $316,398.40 - $184,000
Total interest paid = $132,398.40
Finally, to find out how much Roberto will really pay for his house, we need to add the total interest paid to the loan amount.
Total cost of the house = Loan amount + Total interest paid
Total cost of the house = $184,000 + $132,398.40
Total cost of the house = $316,398.40
Therefore, Roberto will actually pay a total of $316,398.40 for his $230,000 house.
Apologies for the incorrect response earlier. You are correct. Roberto will actually pay a total of $316,398.40 for his $230,000 house.
To calculate the total amount Roberto will pay for the house, we need to consider the down payment and the monthly payments over the course of 30 years.
1. Down Payment:
Roberto paid 20% down on the house price, which amounts to 20% of $230,000:
Down payment = 20/100 * $230,000 = $46,000
2. Loan Amount:
The loan amount is the difference between the house price and the down payment:
Loan amount = $230,000 - $46,000 = $184,000
3. Monthly Payment:
Given that Roberto's monthly payment is $878.44, we can calculate the total number of payments he will make over 30 years:
Total number of payments = 30 years * 12 months/year = 360 months
4. Total Payments:
The total amount Roberto will pay over the course of 30 years can be calculated by multiplying the monthly payment by the total number of payments:
Total payments = Monthly payment * Total number of payments
Total payments = $878.44 * 360 = $316,398.40
Therefore, Roberto will pay a total of $316,398.40 for his $230,000 house.