The buyer of the building will need $424,976.87 to cover these two items.
How are the total mortgage payments determined?
The total mortgage payments can be determined using an online finance calculator as below.
Data and Calculations:
Monthly Pay = $1,180.49
House Price = $350,000.00
Loan Amount = $280,00 ($350,000 - $70,000)
Down Payment = $70,000 ($350,000 x 20%)
Interest rate = 3%
Total of 360 Mortgage Payments = $424,976.87
Total Interest = $144,976.87
Thus, the buyer of the building will need $424,976.87 to cover these two items.
Learn more about determining mortgage payments at https://brainly.com/question/24576997
