18. Duane is purchasing a home for $351,000. He makes a 30% down payment and obtains a 20-
year fixed rate mortgage loan at 5% annual interest. His monthly payments are $1,621.51. He
pays an intangible tax of 0.2%.
Which of the following is the total cost of principal, interest, down payment, and amount of
intangible tax?
$389,162.40
S494,953.80
$495,164.40
$389,653.80