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When a mortgage loan is obtained, the cash down payment (equity) required at property acquisition is a function of the acquisition price and the net

When a mortgage loan is obtained, the cash down payment (equity) required at property acquisition is a function of the acquisition price and the net loan proceeds. Given the following information, determine the required equity down payment on the property: acquisition price: $1,500,000; face amount of loan: $975,000; up-front financing costs: 2 points.

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