As you launch your professional career you've decided to purchase a new home for $196.000.00. You've...

 

Transcribed Image Text:

As you launch your professional career you've decided to purchase a new home for $196.000.00. You've been working hard to save enough funds to make a 20% down- payment. You are going to use a 30-year loan that requires monthly payments and uses monthly compounding. You've shopped around for mortgage rates and have agreed to a loan with an annual interest rate of 3.6% How much money will you borrow to purchase this home? (answer in dollars, rounded to the nearest penny. For example, if your answer is $123,456.78 you should enter 123456.78.) Type your answer..... As you launch your professional career you've decided to purchase a new home for $196.000.00. You've been working hard to save enough funds to make a 20% down- payment. You are going to use a 30-year loan that requires monthly payments and uses monthly compounding. You've shopped around for mortgage rates and have agreed to a loan with an annual interest rate of 3.6% How much money will you borrow to purchase this home? (answer in dollars, rounded to the nearest penny. For example, if your answer is $123,456.78 you should enter 123456.78.) Type your answer.....