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Google Chrome File Edit View History Bookmarks Profiles Tab Window Help GO Q 8 Thu Oct 30 11:35 AM . . . Lu Course Modules: MATH114: Q X ALEKS - Jacob Cascio - HW: ty shop sells for $325, x M Mathway | Algebra Problem S Chat Thread C o www-awu.aleks.com/alekscgi/x/Isl.exe/10_u-IgNslkr7j8P3jH-li-WSp540wncg8Tof4a5q5fmgWG31RYRVbH2NVOLpW... C : oursehero.com/ai/homework-help/thread/64997218 HW: 2.1 - 2.4, 2.6 - 2.7 Review for Exam Assignment = Al Chat with PDF Question 26 of 37 (1 point) | Question Attempt: 2 of Unlimited Jacob V d extract content from cour Q Upload for Unlocks Expert Help Study Resources v Ask Al s (a) Find the down payment Espanol Given thread The down payment is $ 29,250.00 . . Purchase price: 325,000 Down payment: 9% - 0.09 x 325,000 = 29,250 . Closing costs: 4,820 Part 2 of 4 X . Annual interest rate: r = 5.4% (b) Find the amount of the mortgage. urch of Hu... . Term: t = 40 years The amount of the mortgage is $ 295,750.00 . Payments per year: n = 12 ee towere... (b) Amount of the mortgage (amount financed) P = Purchase price - Down payment + Closing costs P = 325,000 - 29,250 + 4,820 = 300,570 Correct Answer (c) Monthly payment Use the amortization formula: ginally sol... The amount of the mortgage is $300,570. M = P, (r) 1 - ( 1+ ")-nt fureau of ... Compute: the scien... Part 3 of 4 . r = 0.054/12 = 0.0045 v your guida... . nt = 12 x 40 = 48 (c) Find the monthly payment 300,570(0.0045) M = 1352.565 The monthly payment is $ 1,529.87 5 in The P.. 1 - (1.0045)-480 0.8842 ~1,529.87 onored by... Monthly payment = 1,529.87 Part: 3 / 4 (If you also need totals . Total paid over 40 years: 1,529.87 x 480 = 734,337.60 Part 4 of 4 Total interest on the loan: 734,337.60 - 300,570 = 433,767.60 (d) Find the total interest paid The total interest paid is $ X Sources Ask Al your follow up question. Do not enter personal information. . G Skip Part Check Save For Later Submit Assignment Attach image Upload doc 28 2025 McGraw Hill. Terms of Use | Privacy Center | Accessibility reply week 4 39 OCT 2 4 exec pp needs to 30 DOCK