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5) Tom Burke bought a home in Virginia for $214,000. He put down 20% and obtained a mortgage for 25 years at 9%. What is
5) Tom Burke bought a home in Virginia for $214,000. He put down 20% and obtained a mortgage for 25 years at 9%. What is Tom's monthly payment and the total interest cost of the loan? 6) A condo is advertised in The Wall Street Journal for $350,000. It states in the ad that a 20% down payment is required. The rate of interest is 11% on a 25-year mortgage. What would be (A) the monthly payment along with (B) the total cost of interest
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