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In October 1 9 8 1 Jolene purchased a home at a price of $ 3 0 0 , 0 0 0 . She made

In October

1981

Jolene purchased a home at a price of $

300, 000 .

She made a

25 %

cash down

payment and financed the balance with a

30 -

year fixed

-

rate mortgage with monthly payments

at an APR of

18.63 %

compounded monthly

(

that was the average mortgage rate in Oct.

1981!)

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