Question 23

Roberto bought a $\$ 470,000$ house, paying $12 \%$ down, and financing the rest at $6 \%$ interest for 30 years. Her monthly payments are $\$ 2479.74$. How much will he really pay for her $\$ 470,000$ house?
Roberto will pay a total of $\$$ for the house.

Answer

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Answer

$\boxed{\text{So, Roberto will pay a total of } 948,706.40 \text{ for the house.}}$

Steps

Step 1 ：$\text{Down payment} = 0.12 \times 470,000 = 56,400$

Step 2 ：$\text{Financed amount} = 470,000 - 56,400 = 413,600$

Step 3 ：$\text{Total number of payments} = 30 \times 12 = 360$

Step 4 ：$\text{Total amount paid through financing} = 360 \times 2,479.74 = 892,306.40$

Step 5 ：$\text{Total amount paid} = 56,400 + 892,306.40 = 948,706.40$

Step 6 ：$\boxed{\text{So, Roberto will pay a total of } 948,706.40 \text{ for the house.}}$