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( a ) Using the house price you found in part 4 , calculate the monthly mortgage payments based on a 3 0 - year
a Using the house price you found in part calculate the monthly mortgage payments based on a year mortgage, interest rate, and down payment. Round your answer to the nearest dollar. Hint: If you're using a calculator other than Desmos and the formulas we've been using in class, make sure you set the taxesfees and any other extra information to before answering.
b How much interest will you pay at the end of this mortgage? Round your answer to the nearest dollar.
c Repeating the process from a find the monthly mortgage payments based on a year mortgage instead. Round your answer to the nearest dollar.
d How much interest will you pay at the end of this mortgage? Round your answer to the nearest dollar.
e How much money do you save on interest by taking out a year loan instead of a year loan. Round your answer to the nearest dollar.
$
Note: If you cannot afford a year loan, you can always make extra payments of any amount to pay down your principal and save on interest over the life of the loan. A small amount of principal early on in a year loan can save thousands of dollars over the life of the loan.
The house price is $
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