Question

Some friends tell you that they paid $ 19,705 down on a new house and are to pay $ 772 per month for 15 years. If interest is 5.4 % compounded​ monthly, what was the selling price of the​ house? How much interest will they pay in 15 ​years? Selling price of the​ house: ​$ nothing ​(Round to two decimal places as​ needed.)

Answer 1

page. I Down payment = $ 19.705 per month payment (EMI) $772 Total no. of periool = 15 years x 12 month - 180 periods. Monthly rate 5.4.2. -0,45.). or o.ooys 12 Calculation of principal amount (excluding down payment - monthly a Parliton paynent pa principal lamount & [14ograd . Borrowed) 8. Monthly rate n. no. of term (period) 732 = P x 0.00451140.000$ also (270.0045)1801 By solving Equation, we get P=95,200 Now, calculation of interest paid in 15 years. & total monthly payment in 15 years - Principal amount 772795792 - 95,100 - [43,860)

selling price of Home (with EMI option) = Downpayment + Monthly amount paid in 15 years - 19105 + 772X15X12 = (158,665) Selling Price of House (without &MI option) + Principal amount Down payment = 19,105 495,000 - 114,805

Po4 -3 Extra working Note for solving = (2+0.00459280 you can follow these steps in stupi $1.0045 s t 12 times calentator. stop 2 (-1 Stp3 (x) 180 step y Step 5 ti x =, 12 times