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Megan has been dreaming of owning her own home since childhood. Her incredible ability to save money has resulted in her having $180,000 available
Megan has been dreaming of owning her own home since childhood. Her incredible ability to save money has resulted in her having $180,000 available for a down payment on her dream home. A realtor shows her a house, which costs $375,000. Megan plans to put all $180,000 as the down payment for her new house, and finance the remaining portion of the sales price of the home. a. Determine the amount of money she needs to finance. b. If Megan makes a 15-year loan for the amount necessary and the bank charges 4.125% simple interest, how much interest will she repay on her loan? c. Calculate the maturity value of her loan at the end of the 15- year.
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