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The Gooseberry family purchase a $ 2 5 7 , 0 0 0 house and must sell their old home in order to make a
The Gooseberry family purchase a $ house and must sell their old home in order to make a percent down payment plus closing costs of $ on the new house. They have $ in savings to use for any necessary payments. They have been preapproved by the lender to qualify for a $ mortgage in the new home. The lender offers a bridge loan at percent simple interest. The closing date on the new house is March and the family sell their old home on June What is the dollar amount of interest paid on the bridge loan? Hint: First figure out how much must they borrow. Use days in a year.
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