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Please show your work You are in the process of purchasing a new home. You intend to live there for 510 years. You have an
Please show your work
You are in the process of purchasing a new home. You intend to live there for 510 years. You have an accepted offer of $364,000, which is just under the asking price of $364,900. The appraisal your lender obtains values the home at $358,000. Your lender has quoted you loans with the following terms: Determine the following: 1a. The principal for each loan (maximum amount you can borrow). 1b. The down payment for each loan. 1c. The monthly payment for each loan. 1d. What the balance will be in 5 years for each loan. 1e. How much interest you will have paid at the end of 5 years for each loan. 1t. What the balance will be in 5 years for each loan. 1g. How much interest you will have paid at the end of 5 years for each loanStep by Step Solution
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