A building sells for $325,000 and a 30% down payment is made. A 20-year mortgage at 4% is obtained. Do not round intermediate calculations. Round your answers in (a)-(d) to two decimal places, if necessary. Use the formula below as needed. Part: 0/4 Part 1 of 4 M = (a) Find the down payment. The down payment is $ p." n -nt 1- (1+²) ™** n X
A building sells for $325,000 and a 30% down payment is made. A 20-year mortgage at 4% is obtained. Do not round intermediate calculations. Round your answers in (a)-(d) to two decimal places, if necessary. Use the formula below as needed. Part: 0/4 Part 1 of 4 M = (a) Find the down payment. The down payment is $ p." n -nt 1- (1+²) ™** n X
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A building sells for $325,000 and a 30% down payment is made. A 20-year mortgage at 4% is obtained. Do
not round intermediate calculations. Round your answers in (a)-(d) to two decimal places, if necessary.
Use the formula below as needed.
Part: 0 / 4
Part 1 of 4
M =
(a) Find the down payment.
The down payment is $
p."
n
nt
1-(1 + # )¯**
n
oo
(2
K
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