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E232 John Smith wants to buy a house that worth $250,000. He put done $40,000 down payment and borrow the rest from a bank

E232 John Smith wants to buy a house that worth $250,000. He put done $40,000 down payment and borrow the rest from a bank with interest rate 4.0% per year compounded monthly for 15 years. What is the monthly payment to the bank? How much interest John will pay to the bank in 15 years? How much interest John will pay in the FIRST year?

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Solution Sol A single lump sum payment of 25000040000210000 today would pay off the loan So 210000 i... blur-text-image

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