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1. Larry & Doris plan to purchase a new home that cost $225,000. The bank requires a 20% down payment and charges 7 1/2 %

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1. Larry & Doris plan to purchase a new home that cost $225,000. The bank requires a 20% down payment and charges 7 1/2 % percent interest. They are planning to take a 25 year mortgage. What will the monthly payment be? 2. How much of the first payment will be for the interest on the loan? What will the balance be on the loan after the first payment? How much interest will they pay over the life of the loan

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