Stoffan and Landeau purchase a building for their business and make a $50,000 down payment. They finance the balance of $215,000 for 30 years at 7%.
a) Find the total monthly payment given taxes of $7319 per year and insurance of $4213 per year.
b) Assume that insurance and taxes do not increase and find the total cost of owning the building for 30 years. (including the down payment)