Question: You need a 2 0 - year, fixed - rate mortgage to buy a new home for $ 3 0 0 , 0 0 0

You need a 20-year, fixed-rate mortgage to buy a new home for $300,000. Your mortgage bank will lend you the money at a 8 percent APR for a 240 month loan. You can only afford a monthly payment of $800. How much downpayment should you put at the time of purchase? Please show your work.

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