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https://wwww.mathxl.com/Student/PlayerTest.aspx?testid=131740323&centerwinayes; Test: Final Exam This Question: 10 pts 18 of 33 (16 complete) Suppose that $130,000 is owed on a house after the down payment is made. The monthly payment for principal and interest at 10.0% for 30 is 130.8.77572 $1140.84. years What is the total amount that will be paid for principal and interest? Round to the nearest cent.) If the total interest charged is the total amount paid minusthe amount financed, what is the total interest? (Round to the nearest cent.)

Solution

In 30 yrs , no. of months = 12*30 = 360months

a) Total payment of principal and interest = $1140.84*360 = $410702.4

b) Total interest = total amt paid - amt financed = $410702.4 - $130,000 = $280702.4