You want to buy a $209,000 home. You plan to pay 5% as a down payment, and
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Question:
- You want to buy a $209,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest.
- a) How much is the loan amount going to be?
- b) What will your monthly payments be if the interest rate is 6%?
- c) What will your monthly payments be if the interest rate is 7%?
Expert Answer:
a The loan amount will be the total cost of the home minus the down payment Loan amount Total cost o... View the full answer
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