Suppose you bought a condo for $200,000 financing it with a $40,000 down payment of your own funds and a $160,000 mortgage loan from a bank. b. Now assume that, instead of (a), you only put down $20,000 and borrowed $180,000 to buy the condo. Assuming
Suppose you bought a condo for $200,000 financing it with a $40,000 down payment of your own funds and a $160,000 mortgage loan from a bank. b. Now assume that, instead of (a), you only put down $20,000 and borrowed $180,000 to buy the condo. Assuming
Chapter1: Making Economics Decisions
Section: Chapter Questions
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2. Suppose you bought a condo for $200,000 financing it with a $40,000 down payment of your own funds and a $160,000 mortgage loan from a bank.
b. Now assume that, instead of (a), you only put down $20,000 and borrowed $180,000 to
buy the condo. Assuming that the market value of your house has risen to $240,000 and
ignoring interest and other costs, calculate your
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