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Lara is buying a home for $360,000. She is making a 10% down payment and financing the rest with a 30-year loan at 6% interest. What will her total payment for the home be? Round your answer to the nearest dollar.

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jepessoa

Answer:

total payment = $699,315.73

Explanation:

since Lara is making a 10% down payment, the principal of the loan will = $360,000 x 90% = $324,000

using a loan calculator:

  • principal = $324,000
  • APR = 6%
  • n = 30 years or 360 monthly payments

monthly payment = $1,942.54

total payment = $699,315.73

interests paid = $375,315.73

Answer:

The correct answer is 735,373  just took the test!  100% correct!

Explanation:

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