In a new housing development, the houses are selling for $100,000 and require a 20% down payment.
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In a new housing development, the houses are selling for $100,000 and require a 20% down payment. The buyer is given a choice of 30-year or 15-year financing, both at 7.68% compounded monthly.
(A) What is the monthly payment for the 30-year choice? For the 15-year choice?
(B) What is the unpaid balance after 10 years for the 30- year choice? For the 15-year choice?
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a Amount to be financed Total sum 1 down payment 100000 1 20 8000...View the full answer
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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