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Assume that you want to buy a house 2 years from now. Based on the following data, calculate: a) Monthly savings to get the down
Assume that you want to buy a house 2 years from now. Based on the following data, calculate: a) Monthly savings to get the down payment. b) Monthly payment on the 30-year loan after buying the house. Data: Price of the house $300,000. Required % down payment 10%. Interest rate on savings 4% annual. Interest rate on the mortgage loan 8.0% annual. Important: Use months & monthly rates to solve this problem.
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