Some friends tell you they paid 25,404 down on a new house and are to pay $843 per month for 30 years. If interest is 4.5% compounded monthly, what was the selling price of the house? How much interest will they pay in 30 years?

Selling price = $190003.206 and total interest paid is $135640.794

Step-by-step explanation:

The down payment of house = $25404

Monthly payment = $834 per month.

Total number of years = 30 years = 30*12 = 360 months.

Interest rate compounded monthly = 4.5 % * 1/12 = 0.375% per month or 0.00375.

Now we have to calculate the selling price of house and total interest paid.

Loan amount = Present value of monthly payments.

Selling price of house = 25404 + 164599.206 = 190003.206

Interest amount = total amount of installment – loan amount

Interest amount = 834*360 – 164599.206 = 135640.794 dollars.

where are the choices?

14.3

step-by-step explanation:

add all the numbers together.

9 + 12 + 15 + 16 + 17 + 17 = 86

now, divide 86 by how many numbers we have: 6.

86 / 6 = 14.3