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5) (6 pts) You want to buy a house for $140,000. You are required to make a down payment of 20% today and you will

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5) (6 pts) You want to buy a house for $140,000. You are required to make a down payment of 20% today and you will borrow the remaining amount. The bank is charging you 4.2% per year APR (compounded monthly) for a 15 year fixed rate loan. The loan will be fully amortized over 15 years. What is your down payment today and what is your monthly mortgage payment? 140,00ax, 5 : 28,000 1,35 FV: 12.000 PVio Down Payment Today - 28.000 Monthly Mortgage Payment = 447.72 n: 180 EMT:? 3

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