An auto parts store sells for $300,000 and a 30% down payment is made. A 20 -year mortgage at 7% is obtained, and closing costs are $9800 . Round to the nearest cent, if necessary. A) Find the down payment? B) Find the amount of the mortgage? C) Find the monthly payment? D) Over the life of the loan, How much in interest will be paid?
An auto parts store sells for $300,000 and a 30% down payment is made. A 20 -year mortgage at 7% is obtained, and closing costs are $9800 . Round to the nearest cent, if necessary. A) Find the down payment? B) Find the amount of the mortgage? C) Find the monthly payment? D) Over the life of the loan, How much in interest will be paid?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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An auto parts store sells for
$300,000
and a
30%
down payment is made. A
20
-year mortgage at
7%
is obtained, and closing costs are
$9800
. Round to the nearest cent, if necessary.
A) Find the down payment?
B) Find the amount of the mortgage?
C) Find the monthly payment?
D) Over the life of the loan, How much in interest will be paid?
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