Question

the home that hilda vaughan wants to buy sells for $213,000.she plans to make a 5% down payment and borrow the balance at 7.67% for twenty five years .her monthley mortgage payments will be $1,517.80 what total interest will hilda pay over 25 years

Answer 1

ok so like a first step i think you need calcule the 5% of $213000 to get the down payment sum

yes ?

so do you can calcule this ?
@Laylalyssa any idea ? ty

Answer 2

@supie

Answer 3

Ok first u wanna make (5%) a (Decimal)


U can do this by (Dividing) (5%) by (100)


\[5\div100=0.05\]

U now wanna (Multiply) (0.05) by the price she is buying the sell for which is (213,000)

\[0.05\times213,000=10,650\]

We can (Subtract) how much the sales cost of the house which is (213,000) by (10,650)

\[213,000-10,650=202,350\]

So (202,350) would be how much she is paying for the sells (basically the 213,000,5%, and the borrow balance of 7.67= 202,350)

We can save (202,350) for later

"her monthly mortgage payments will be $1,517.80 what total interest will Hilda pay over 25 years"

So she is basically gonna pay (1,517.80) dollars per month for (25) years.

We can take a simpler look at this and multiply the months she is paying by how many years she plans to pay.

U should know that (12) months is in (1) year.

So we would (Multiply) (12) by (25) years


\[12\times25=300\]

We can now just (Multiply) how much she is gonna pay which is (1,517.80) by how long she is going to be paying which is (300)

\[1,517.80\times300=455,340\]

Lastly, we can (Subtract) (202,000) from the price full she is going to pay for 25 years on the sells which is (455,340)


\[455,340-202,350=252,990\]


So the total amount of interest Hilda Vaughan will be paying for the sells is (252,990)


(Hope this helps if there are any problems one the mathematical way I solved this I would like to be correct to learn from my mistakes)