Question

PLEASE SOMEONE HELP FOR MEDAL!
Drake is purchasing a home for $249,000. He makes a 30% down payment and obtains a 25-year fixed rate mortgage loan at 5% annual interest. His monthly payments are $1,018.94. He pays an intangible tax of 0.4%. Which of the following is the total cost of principal, interest, down payment, and intangible tax?

$381,378.00

$381,079.20

$305,682.00

$306,379.20

Answer 1

@ivettef365 @radar @satellite73 @tkhunny

Answer 2

You can't even get started? Please show all your work.

Answer 3

I posted it because i need help @tkhunny

Answer 4

i posted this before over 2 hours ago, i really don't know how to do it. I would appreciate if someone could help me out with these problems.

Answer 5

@Ryaan

Answer 6

anyone?

Answer 7

You have to throw us a bone. If you can do nothing, we can't help you. Please show me the amount of the mortgage.

Answer 8

$249,000?

Answer 9

That is not correct. Look at the down payment.

Answer 10

74,700

Answer 11

Okay, now answer the question. What was the amount of the mortgage.

Answer 12

30%?

Answer 13

@NaCl

Answer 14

Mod 8 still ?

Answer 15

@NaCl yes

Answer 16

Still no. You have to better than that.

You may need to review your notes or reread the previous section of your course materials. You have to get the vocabulary and concepts in your head before you can solve the problems.

There are those who could write you a book about this material, but you probably already have a book, so why would that be beneficial?

Sorry, I do wish I could do more, but you just don't appear to be ready to tackle this material.

Answer 17

If i'm right try using this formula M=P[(i(1+1)^n*t)/(1+i)^(n*t)-1)]

Answer 18

@jdoe0001

Answer 19

UGHHHH why does this material have to be so hard.

Answer 20

I think I have found the answer!

Answer 21

We can calculate total Interest first
He will pay total amount of 25*12*1018.94 (PMT*period)
His mortgage was 249,000*0.7
so interest will be 249,000*0.7 -25*12*1018.94
Now we can easily add interest +principal and taxes to get the answer

Answer 22

Ok so now what ?? @ankit042

Answer 23

I got A can someone confirm!

Answer 24

@kenbaby you understood the approach?

Answer 25

Yes I understood it a little more

Answer 26

You do not understand at all if you are using $249,000. You have ignored the Down Payment.