Buying a home The price of a home, along with the interest rate and the length of time to pay it off come together to determine the monthly payments according to the formula  where A represents the price of the home after making the down payment, i represents the monthly interest rate (the annumal rate divided by 12), and n represents the total number of monthly payments. How much would one pay each month for a $251,000.00 home with an annual interest rate of 8.4% to be paid over 15 years.

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