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Business: Amortized Loan. The Langways purchase a new home for $450,000. They pay 20% down and finance the rest through a 30-yr mortgage at an annual interest rate of 3.75%, compounded monthly.
a. How much is the Langways’ monthly mortgage payment?
b. Assuming that the Langways make the monthly payment found in part (a) for the life of the loan, how much will they pay in total?
c. How much interest will they pay?
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Calculus and Its Applications Plus MyLab Math with Pearson eText -- Access Card Package (11th Edition) (Bittinger, Ellenbogen & Surgent, The Calculus and Its Applications Series)
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