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17 November, 21:12

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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  1. 17 November, 21:25
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    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
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Home » Business » 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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