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4) Kristin is buying her first house. She has saved $30,000 for a down payment. The bank requires 20% down and she found a 30-year
4) Kristin is buying her first house. She has saved $30,000 for a down payment. The bank requires 20% down and she found a 30-year loan for 4.9% interest. Kristin finds a house for the maximum amount she could afford. (1) How much can Kristin afford for her house? (ii) Find the amount of the mortgage. (ii) Find the monthly payment. (iv) How much did she end up paying? How much of that was interest? P* M= (1- (1 + 2)
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