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CARLIN:




Has been renting a two-bedroom apartment with her husband and 3 kids; wants to move into a three-bedroom home instead

Took her five years, but she has saved $20,000 for a down payment

Homes in her small town are typically selling for $75,000 to $95,000

Is preapproved for a 3. 89% interest rate on a 30-year fixed mortgage

Needs her monthly payment to be less than $400


How much total interest will she pay over the course of the mortgage for this house?

Sagot :

Michell96idn

Carlin will pay a total of $45,000 for interests if she buys an $85,000 house.

What is the interest?

The interest refers to the amount of money Carlin needs to pay to the bank for the loan.

How is the interest calculated?

Total interest: Percentage given of the total loan.

Let's assume Carlin buys an $85,000 house.

  • $85,000 - $20,000 (down payment) = $65,000
  • $65,000 / 100 x 3.89 = $2528

$2528 would be the annual interest paid for $65,000. However, as Carlin pays her debt the total of money left will decrease and so will do the interest that she pays.

Due to this, the total interest would be approximately $45,000.

Learn mor about interest in: https://brainly.com/question/2883618

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