You want to buy a $133,000 home. You plan to pay 20% as a down payment,...
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You want to buy a $133,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 6.7% interest for the rest. a) How much is the loan amount going to be? S b) What will your monthly payments be? 5 c) How much total interest do you pay? $ d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be? S e) How much money in interest will you save if you finance for 15 years instead of 30 years? You want to buy a $133,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 6.7% interest for the rest. a) How much is the loan amount going to be? S b) What will your monthly payments be? 5 c) How much total interest do you pay? $ d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be? S e) How much money in interest will you save if you finance for 15 years instead of 30 years?
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