Question: Please show all working with formulas. Don't solve it through excel. Problems in Daily Life You need a 30-year, fixed-rate mortgage to buy a new

Please show all working with formulas. Don't solve it through excel.

Problems in Daily Life You need a 30-year, fixed-rate mortgage to buy a new home for $200,000. Your mortgage bank will lend you the money at a 4 percent APR for this 360 month loan. However, you can only afford monthly payments of $1000. How much down-payment do you need now to buy this home

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