Jim and Lisa are buying their first home together. The purchase price is $157,500.00 and they are putting a 20 percent down payment on the home. They have been approved for a 20 year loan at 6 percent interest rate. What is the total amount of interest that they will pay during the entire loan?

Question

4 July, 02:46

+1

Answers (1)

Know the Answer?

Stanley Banks · Answer 1

157,500,000*0.2 = 31,500,000 down payment 157500000-31500000=126000000 Amount of interest=126,000,000*20*0.06 = 151,200,000