Drew is purchasing a home for $452,000. He makes a 20% down payment and obtains a 30-year fixed rate mortgage loan at 6% annual interest. His monthly payments are $2,167.98. He pays an intangible tax of 0.2%. Which of the following is the total cost of principal, interest, down payment, and intangible tax?
a.$780,472.80
b.$781,196.00
c.$871,596.00
d.$871,776.80
Read more: Adv. Algebra w/ Financial Applications?
