Can someone tell me how to solve this?
drake is purchasing a home for $249,000. he makes a 30% down payment and obtains a 25-year fixed rate mortgage loan at 5% annual interest. his monthly payments are $1,018.94. he pays an intangible tax of 0.4%. which of the following is the total cost of principal, interest, down payment, and intangible tax?
1)
$305,682.00
2)
$381,079.20
3)
$306,379.20
4)
$381,378.00
i chose 1 as the answer and it said it was wrong. it said 2 is the right answer but i don't know how they found it.