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the manthly paymal for 3 6 months curle 8 . You are considering applying to the bank for a mortgage to purchase a $ 4

the manthly paymal for 36 months curle
8. You are considering applying to the bank for a mortgage to purchase a $495,000 home. The bank is offering you a fixed rate of 5.1% interest, compounded monthly. The bank requires a down-payment of 15%. You decide to amortize the mortgage over 25 years.
a) How much money will you need for your down-payment?
1590 of hoose price 15100445,000=$74,250,00
b) What is the principal amount borrowed for the mortgage if you make the required downpayment in a)?
495,00-74,250,00=$420,750.00
c) Use the TVM Solver to determine the monthly payment for this mortgage. (Fill in the chart to show the values you used.)
\table[[TVM,SOLVER],[N=,],[I?=,],[PV=,],[PMT=,],[FV=,0],[PY=,12],[CY=,12]]
d) If you make only the payments above, how much interest will you have paid on this mortgag by the end of the 25 years?
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