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You want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loa with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? c) What will your monthly payments be if you have a 15-year loan? tA

You want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loa with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? c) What will your monthly payments be if you have a 15-year loan? tA

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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You want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loan with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? $ c) What will your monthly payments be if you have a 15-year loan? $ d) What is the total amount paid to the bank over the 30-years? $ e) Whatis the total amount paid to the bank over the 15-years? $ f) Find the total interest paid for the 30-year loan. $ g) Find the total interest paid for the 15-year loan. $
Transcribed Image Text:You want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loan with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? $ c) What will your monthly payments be if you have a 15-year loan? $ d) What is the total amount paid to the bank over the 30-years? $ e) Whatis the total amount paid to the bank over the 15-years? $ f) Find the total interest paid for the 30-year loan. $ g) Find the total interest paid for the 15-year loan. $
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