Jen purchased a condo in naples fl for $699,000. she put 20% down and financed the rest at 5% for 35 years. what are jen's total finance charges

$626,128.20

Step-by-step explanation:

Jen purchased a condo for $699,000. She put 20% down and financed the rest at 5% for 35 years.

The amount she made by down payment is,

The amount left for monthly payment is,

We know that,

Here,

PV = Present Value = $559,200,

P = Monthly payment,

r = Monthly rate of interest =

n = number of months = 35 years = 420 months

Putting the values,

So total payment will be,

Therefore, the finance charge will be,

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