First, find the total amount of money that they will pay.
Since each year has 12 months, then, there are 240 months in 20 years.
Since each month they pay $795.20, after 20 years they would have paid a total of:
[tex]240\times795.20=190,848[/tex]They have also paid $10,000 initially. Then, the total money spent in the house is:
[tex]190,848+10,000=200,848[/tex]The value of the house is $80,000. Subtract $80,000 from the total amount of money that they have paid to find the total amount of interest:
[tex]200,848-80,000=120,848[/tex]Therefore, the total amount of interest that the Blacks will pay is $120,848.
