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I do not believe I got these right, can someone verify correct answers? To purchase their dream home, the Simpsons finance a home valued at
I do not believe I got these right, can someone verify correct answers?
To purchase their dream home, the Simpsons finance a home valued at $125,000. After making a 20% down payment the Simpsons finance the remaining balance at 8.4% annual rate compounded monthly. They elect to mak monthly payments over a 25 year period. Answer the following questions. (Do not enter $ sign and round answers to the nearest cent: Examples: 650.35, 12000.00) a) How much was the down payment? Answer: $ 25000 b) How much was the remaining balance (amount financed)? Answer: $ 100000 c) How much is their monthly payment? Answer: $ 798.50 d) Assuming they make the same payment each month, how much total interest will they pay over the 25 years? Answer: $ 39549.81Step by Step Solution
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