Kameko bought a home in homewood, illinois, for $230,000. he put down 20% and obtained a mortgage for 25 years at 8%. what's the total interest cost of the loan?

$242043

Step-by-step explanation:

We can start with finding the down payment by finding 20% of 230,000.

Down payment =

Loan amount = Total amount - Down payment

Loan amount = 230000 - 46000 = $184000

Now we can use the monthly cash flow (emi) formula to find the monthly cash flow first. And then we can evaluate the total interest of the loan.

Upon substituting the values, P=184000, r = , n=25*12=300

C=$1420.14

Therefore, total interest paid = 1420.14*300-18400 = $242043

table 3 represents a direct variation function. : )