Roberto bought a \( \$ 260,000 \) house, paying \( 24 \% \) down, and financing the rest at \( 4.4 \% \) interest for 30 years. His monthly payments are \( \$ 989.5 \). How much will he really pay for his \( \$ 260,000 \) house? Roberto will pay a total of \( \$ \square \) Check Answer

To find out how much Roberto will really pay for his house, we first need to determine how much he will pay in total over the life of the loan. His monthly payments are \( \$ 989.5 \), and since he’s financing the loan for 30 years (which is \( 30 \times 12 = 360 \) months), we can calculate the total: Total payment = Monthly Payment × Total Months = \( \$ 989.5 \times 360 = \$ 356,220 \). Adding this to the down payment, we find out that Roberto's total out-of-pocket cost for his house is: Down Payment = \( 24\% \) of \( \$ 260,000 \) = \( 0.24 \times 260,000 = \$ 62,400 \). Total cost = Total payment + Down Payment = \( \$ 356,220 + \$ 62,400 = \$ 418,620 \). Therefore, Roberto will pay a total of \( \$ 418,620 \) for his \( \$ 260,000 \) house.