Question
Asked Dec 17, 2019
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Jamie purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jamie's total finance charges?
    
A. $457,425.60
B. $606,823.20
C. $626,863.20
D. $600,000.00
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Expert Answer

Step 1

Given that the total cost is $699,000 from which 20% down payment was made and remaining was financed at 5% rate. We can determine the finance charges using the steps below:

Step 2
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Downpayment =699000x 20%=139800 Amount to be financed =699000-139800=559200

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Step 3

To determine the finance charges, we first need to calculate the total co...

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