Duane is purchasing a home for $351,000. He makes a 30% down payment and obtains a 20-year fixed rate mortgage loan at 5% annual interest. His monthly payments are $1,621.51. He pays an intangible tax of 0.2%.
Which of the following is the total cost of principal, interest, down payment, and amount of intangible tax?

Question

Duane is purchasing a home for $351,000. He makes a 30% down payment and obtains a 20-year fixed rate mortgage loan at 5% annual interest. His monthly payments are $1,621.51. He pays an intangible tax of 0.2%. 
Which of the following is the total cost of principal, interest, down payment, and amount of intangible tax?

ganeshie8 · Answer

monthly payment  = $1,621.51

ganeshie8 · Answer

so, how much he pays in 20 years  ?

anonymous · Answer

33,030.02

ganeshie8 · Answer

nope, in 20 years he pays : http://www.wolframalpha.com/input/?i=1621.51*12*20

ganeshie8 · Answer

right ?

anonymous · Answer

So he pays  $389,162.40?

ganeshie8 · Answer

^^thats just his sum of all monthly payments for 20 years.

ganeshie8 · Answer

He paid 30% down payment as well :

Down payment  =  30% of  $351,000
                        =   ?

anonymous · Answer

1,053 + the 389,162 then?

ganeshie8 · Answer

30% of  $351,000 is NOT 1,053

try again.

anonymous · Answer

105,300? >_<

ganeshie8 · Answer

yes, but u need to add intangible tax also

ganeshie8 · Answer

He pays an intangible tax of 0.2%.

ganeshie8 · Answer

http://www.wolframalpha.com/input/?i=1621.51*12*20+%2B++0.3*351000+%2B+%280.2%2F100%29*0.7*351000