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. $
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. $
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Last four part please? d, e, f, g
![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.
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff946beb2-77bf-4a5b-8835-b81f9542ffd2%2F7c6a8e66-2031-4c35-899e-0327c41d5d24%2Fcv5dlpa_processed.jpeg&w=3840&q=75)
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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