A 25-year fixed-rate mortgage has monthly payments of 717 per month and a mortgage interest rate of
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Question:
A 25-year fixed-rate mortgage has monthly payments of 717 per month and a mortgage interest rate of 6.14 per cent per year compounded monthly.
Required:
If a buyer purchases a home with the cash proceeds of the mortgage loan plus an additional 20 per cent deposit, what is the purchase price of the home?
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