Darren is purchasing a home for $973000. He makes 25% down payment and obtains a 20 year fixed rate mortgage loan at 8% annual interest. His monthly payments are $6103.92. He pays an antangible tax of 0.7%. Which of the following is the total cost of principal, interest, down payment, and intangible tax?

Question

Mathematics

Jenkins

4 March, 07:25

Darren is purchasing a home for $973000. He makes 25% down payment and obtains a 20 year fixed rate mortgage loan at 8% annual interest. His monthly payments are $6103.92. He pays an antangible tax of 0.7%. Which of the following is the total cost of principal, interest, down payment, and intangible tax?

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Answers (1)

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Melissa Yoder · Answer 1

Down payment

973,000*0.25=243,250

principle

973,000-243,250=729,750

interest

6,103.92*12*20-729,750=735,190.8

intangible tax

729,750*0.007=5,108.25

Total cost

243,250+729,750+735,190.8

+5,108.25=1,713,299.05