HELP URGENT PLEASE! The Lees have purchased a new home for $360,000, and put a down payment of $50,000 on it. They have a mortgage for the balance, amortized over 20 years at 5.25%. If the Lees pay off the mortgage at the end of the 20 years, how much interest will they have paid in total? USE TVM SOLVER

$191,340.80

Step-by-step explanation:

Step 1

We find the amount that is paid monthly by the Lee's

We are told in the question that:

Cost of the house =$360,000

Down payment = $50,000

We are also told, the balance left after the down payment was made = Mortgage that is amortized at an

Interest rate of 5.25%

Time = 20 years

Hence, Mortgage amount = $360,000 - $50,000 = $310,000

Formula for monthly payment =

M= P[r(1+r)^n/((1+r)^n)-1)]

M = the total monthly mortgage payment.

P = the principal loan amount.

r = your monthly interest rate.

= rate/12

=5.25%/12 = 0.0525/12

= 0.004375

n = number of payments

= number of years × number of months

= 20 × 12 = 240 payments

Formula for monthly payment =

M= P[r(1+r)^n/((1+r)^n)-1)]

M = 310,000[0.004375(1 + 0.004375)^240/((1 + 0.004375)^240 ) - 1]

M = $2,088.92

Therefore, the monthly payment by the Lee's is $2,088.92

Step 2

We calculate the Total Amount paid by the Lee's in 20years because we are told in the question that they paid off their mortgage after 20 years

Total Amount paid = Monthly payments × Number of payments

= $2,088.92 × 240

= $501,340.80

Step 3

The third and final step is to calculate the Total interest paid for 20 years

Total Interest = Total amount paid - Mortgage amount

= $501,340.80 - $310,000

Total Interest: $191,340.80

Therefore,the interest will they have paid in total is $191,340.80

hey there!

if she's saving for six months, let's divide the total number we need for the trip by six, dividing it into the amount that needs to be saved for each month.

500 ÷ 6 =

she needs to save at least this amount each month, so we should use this symbol: ≥

let x be the amount she saves each month.

your final answer is x ≥

hope this !

i think the correct option is the second option.