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. $600,000.00   b. $626,863.20   c. $606,823.20   d. $457,425.60

Correct answer is:Jamie's finance charges are about $6,26,128.20

Solution:-

Given that Jamie purchased a condo in Naples,Florida for $699,000.

She put 20% down and financed the remaining, that is she financed 80% of 699,000$= 0.8X699,000=$5,59,200

And interest rate = 5%=0.05 in decimals

Tenure = 35 years and payment is monthly.

The formula we need to use here is

Where A is the monthly payment for 35 years

P=financed amount=$5,59,200

r=interest rate=0.05

n=number of compoundings per year=12

t=tenure=35 years

Hence

So, she has to pay $2822.21 for 35X12=420 months which means she will pay 2822.21X420=$1,185,328.20

Hence finance charges= amount paid for 35 years- loan amount

                                      =1185328.20-559200=$6,26,128.20

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step-by-step explanation: