Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jen's total finance charges?

Name: Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jen's total finance charges?
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Question

Quizplus · Accepted Answer

The amount financed is $559,200 ($699,000 x 0.8).

Using a mortgage calculator, the monthly payment would be $2,517.35.

The total finance charges over 35 years would be $626,863.20.

Jen Purchased a Condo in Naples, Florida, for $699,000