Gerry is buying 80 acres of farmland that cost $250,000. He will take out a 20-year loan with a 1.9% annual interest rate, and he can afford a $1,150 monthly payment. What minimum down payment must Gerry make to keep his monthly payment at or below $1,150? (Answers are rounded to the nearest 10 dollars.) O $26,000 O $4,360 O $3,310 O $20,530

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Gerry is buying 80 acres of farmland that cost $250,000. He will take out a 20-year loan with a 1.9% annual interest rate, and he can afford a $1,150 monthly payment.
What minimum down payment must Gerry make to keep his monthly payment at or below $1,150?
(Answers are rounded to the nearest 10 dollars.)
$26,000
$4,360
$3,310
O $20,530
Transcribed Image Text:Gerry is buying 80 acres of farmland that cost $250,000. He will take out a 20-year loan with a 1.9% annual interest rate, and he can afford a $1,150 monthly payment. What minimum down payment must Gerry make to keep his monthly payment at or below $1,150? (Answers are rounded to the nearest 10 dollars.) $26,000 $4,360 $3,310 O $20,530
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