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1.) Suppose that 10 years ago you bought a home for $130,000, paying 10% as a down payment, and financing the rest at 8% interest
1.) Suppose that 10 years ago you bought a home for $130,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years. Your existing mortgage (the one you got 10 years ago)
- How much money did you pay as your down payment?
- How much money was your existing mortgage (loan) for?
- What is your current monthly payment on your existing mortgage?
- How much total interest will you pay over the life of the existing loan?
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