Julie is purchasing a home for $169,000.00. Her loan has been approved for a 30-year fixed- rate loan at 5 percent annual interest. She will pay 20 percent of the purchase price as a down
payment. What is the total interest she will pay on her loan?
O $122,877.92
O $126,168.64
$135,200.87
O$142,613.78

The total interest she will pay on her loan is $ 126080.80

Step-by-step explanation:

Given : Julie is purchasing a home for $169,000.

She will pay 20 percent of the purchase price as a down payment.

So, 20% of $169,000 is given as ,

169000\cdot\frac{20}{100}=33800

Thus, amount left to pay = 169,000 - 33800 = $ 135200

Now,  Her loan has been approved for a 30-year fixed-rate loan at 5 percent annual interest.

So, Finding monthly payment using formula,

P=\frac{PV\cdot r}{1-(1+r)^{-n}}

Where, PV = present amount

P = monthly payment

r is interest rate per period

n is time per period

Here, PV = 135200

time period = 30 × 12 = 360 months

Monthly interest rate = 5 % = \frac{5}{1200}

Substitute, we have,

P=\frac{135200\cdot\frac{5}{1200}}{1-\left(1+\frac{5}{1200}\right)^{-\left(30\cdot12\right)}}

Simplify, we have,

P = 725.78

Thus, Monthly payment is $ 725.78

Thus, the value of loan after 30 years becomes,

725.78\cdot30\cdot12=261280.8

Total interest paid = Total loan amount after 30 years - present amount

Total interest paid = 261280.8 - 135200 = 126080.8

Thus, The  total interest she will pay on her loan is $ 126080.80

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