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Bob earns $100,000 per year. He is seeking to buy a home with a price of $100,000. He applies for a 30-year fixed rate mortgage
Bob earns $100,000 per year. He is seeking to buy a home with a price of $100,000. He applies for a 30-year fixed rate mortgage with an interest rate of 5%. If the bank makes loans with a loan-to-value ratio of up to 80%, how much money must Bob pay for the downpayment to qualify for the mortgage? You can omit the "$" in your answer
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