You are applying for an 80/20 mortgage to buy a house costing $175,000.
the first (80%) mortgage has an interest rate of 4.75%, and the second (20%)
mortgage has an interest rate of 7.525%. both the first mortgage and the
second mortgage are 30-year fixed-rate mortgages. what will the total
amount of the mortgage be?

The total amount of the mortgage is $ 871879.4

Step-by-step explanation:

Given as :

The cost of house = $ 175,000

The first 80% of mortgage amount = 80% of $ 175,000 = 140,000

The second 20 % of mortgage amount =  20% of $ 175,000 = 35,000

The rate of interest for 80 % mortgage = 4.75 %

The rate of interest for 20 % mortgage = 7.525 %

The time period for both mortgage is 30 years

Let The amount at 80 % mortgage =

And The amount at 20 % mortgage =

So, From compounded method

= principal ×

or, = 140,000 ×

Or,   = 140,000 ×

Or,   = 140,000 × 4.02365

Or, = $ 563311

Again

= principal ×

or, = 35,000 ×

Or,   = 35,000 ×

Or,   = 35,000 × 8.81624

Or, = $ 308568.4

∴ Total amount A =   +  

I.e A = $ 563311 + $ 308568.4 = $ 871879.4

Hence The total amount of the mortgage is $ 871879.4  answer

answer is 67%

step-by-step explanation:

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step-by-step explanation:

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