LaMar and Louise Hubbs moved from Alabama to the heart of Texas. They were delighted to...
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LaMar and Louise Hubbs moved from Alabama to the heart of Texas. They were delighted to find a Southern-style house for sale and proceeded with plans to buy it. They needed to borrow $160,000 and decided to obtain a 20-year loan at a 9.9% interest rate. However, the monthly payments were higher than they could afford, so they decided on a 30-year loan to obtain lower monthly payments. (Round your final answers to two decimal places.) (a) Find the monthly payments for the 20-year and the 30-year loans. 20-year loan $ 1533.45 30-year loan $ 1392.30 (b) Find the total amount paid over the life of each loan. 20-year loan $368027.74 30-year loan $501229.99 x x (c) Find the savings per month by going to the 30-year loan.. $141.14 (d) Find the increased total cost by going to the 30-year loan. $ 133202.25 Additional Materials X LaMar and Louise Hubbs moved from Alabama to the heart of Texas. They were delighted to find a Southern-style house for sale and proceeded with plans to buy it. They needed to borrow $160,000 and decided to obtain a 20-year loan at a 9.9% interest rate. However, the monthly payments were higher than they could afford, so they decided on a 30-year loan to obtain lower monthly payments. (Round your final answers to two decimal places.) (a) Find the monthly payments for the 20-year and the 30-year loans. 20-year loan $ 1533.45 30-year loan $ 1392.30 (b) Find the total amount paid over the life of each loan. 20-year loan $368027.74 30-year loan $501229.99 x x (c) Find the savings per month by going to the 30-year loan.. $141.14 (d) Find the increased total cost by going to the 30-year loan. $ 133202.25 Additional Materials X
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