Total cost of the house = $215,000
Amount financed through mortgage = $189,375
Amount paid through other means (such as cash) = 215,000-189,375 = $25,625
Rate = 6.1% = 0.061
Number of years = 15 years
Monthly payment, M = P[i(1+i/12)^12*15]/[(1+i/12)^12*15 -1] = 189,375[0.061/12(1+0.061/12)^12*15]/[(1+0.061/12)^12*15 - 1] = $1,608.30
Total amount paid = $25,625 + (M*12*15) = $25,625 + $289,494.56 = $315,119.56
Seems the options given don't match the correct answer.
