Roberto bought a $210,000 house, paying 24% down, and financing the rest at 6.8% interest for 30 years. His monthly payments are $1040.47. How much will he really pay for his $210,000 house? Roberto will pay a total of $ for the house.

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ISBN:9780470458365
Author:Erwin Kreyszig
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**Mortgage Calculation Example**

Roberto bought a $210,000 house, paying 24% down, and financing the rest at 6.8% interest for 30 years. His monthly payments are $1040.47. How much will he really pay for his $210,000 house?

*Roberto will pay a total of $ ____ for the house.*

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This example illustrates the process of calculating the total cost of a house when using a mortgage. It factors in the down payment, interest rate, and loan term to provide a comprehensive understanding of long-term payment commitments.
Transcribed Image Text:**Mortgage Calculation Example** Roberto bought a $210,000 house, paying 24% down, and financing the rest at 6.8% interest for 30 years. His monthly payments are $1040.47. How much will he really pay for his $210,000 house? *Roberto will pay a total of $ ____ for the house.* [Submit Question] This example illustrates the process of calculating the total cost of a house when using a mortgage. It factors in the down payment, interest rate, and loan term to provide a comprehensive understanding of long-term payment commitments.
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