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The Wongs purchased a condominium selling for $95,000 and took out a 25-year mortgage in the amount of $76,000. a) What was the amount of their down payment? b) By the time their mortgage was paid off, the Wongs had paid a total of $199,203 in monthly mortgage payments. How much interest did they pay as part of those payments? c) What was the total cost to the Wongs to purchase this condominium? (Hint: this will be the sum of the down payment and the total of the monthly payments.)

The Wongs purchased a condominium selling for $95,000 and took out a 25-year mortgage in the amount of $76,000. a) What was the amount of their down payment? b) By the time their mortgage was paid off, the Wongs had paid a total of $199,203 in monthly mortgage payments. How much interest did they pay as part of those payments? c) What was the total cost to the Wongs to purchase this condominium? (Hint: this will be the sum of the down payment and the total of the monthly payments.)

Essentials Of Investments
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
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K The Wongs purchased a condominium selling for $95,000 and took out a 25-year mortgage in the amount of $76,000. a) What was the amount of their down payment? b) By the time their mortgage was paid off, the Wongs had paid a total of $199,203 in monthly mortgage payments. How much interest did they pay as part of those payments? c) What was the total cost to the Wongs to purchase this condominium? (Hint: this will be the sum of the down payment and the total of the monthly payments.) a) What was the amount of their down payment? b) How much interest did they pay? $ c) What was the total cost to the Wongs to purchase this condominium? $
Transcribed Image Text:K The Wongs purchased a condominium selling for $95,000 and took out a 25-year mortgage in the amount of $76,000. a) What was the amount of their down payment? b) By the time their mortgage was paid off, the Wongs had paid a total of $199,203 in monthly mortgage payments. How much interest did they pay as part of those payments? c) What was the total cost to the Wongs to purchase this condominium? (Hint: this will be the sum of the down payment and the total of the monthly payments.) a) What was the amount of their down payment? b) How much interest did they pay? $ c) What was the total cost to the Wongs to purchase this condominium? $
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