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Assume you purchase a $255,000 home and you put down 8% of the purchase price as a down payment. You obtain a 30-year fixed-rate mortgage
Assume you purchase a $255,000 home and you put down 8% of the purchase price as a down payment. You obtain a 30-year fixed-rate mortgage with an annual interest rate is 5.85 percent. PART A: How much must you pay monthly on your mortgage? Show clearly all work, carrying all calculations out to four (4) decimal places. Give your answer in a dollars and cents format. Highlight in bold your answer. (5 pts)
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