Jim and Lisa are buying their first home together. The purchase price is $157,500.00 and they are putting a 20 percent down payment on the home. They have been approved for a 20 year loan at 6 percent interest rate. What is the total amount of interest that they will pay during the entire loan?

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Addison White

24 May, 03:45

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Seamus · Answer 1

157,500,000*0.2 = 31,500,000 down payment 157500000-31500000=126000000 Amount of interest=126,000,000*20*0.06 = 151,200,000