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Chase Bank was offering a 30-year fixed rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as

Chase Bank was offering a 30-year fixed rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment, they financed the balance with Chase Bank.

a. Determine the size of the down payment and the amount financed.

b. Determine the monthly payment needed to amortize the loan.

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