Question: Suppose you decide to wait 5 years to save up before buying the house. You are able to put a down payment of $30,000
Suppose you decide to wait 5 years to save up before buying the house. You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank. Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly payments. Answer the following questions about this loan. -After making 240 monthly payments, how much will you have paid in total to the bank? $ Round to the nearest cent.
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