Question: Can you solve number 2? Example 2.13 You purchase a $800,000 home with a 20% down payment. The bank approves you for a loan at

Can you solve number 2? Can you solve number 2? Example 2.13 You purchase a $800,000 home

Example 2.13 You purchase a $800,000 home with a 20% down payment. The bank approves you for a loan at 2.64% compounded monthly.a 1. Determine the monthly payments over a 25 year amortization. 2. If you can contribute $5000/month to your mortgage, how many years will it take for you to pay off your home? "In reality, you would never get this low a rate for a full 25 year mortgage. Rates are renegotiated regularly

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