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Xavier is speaking with his banker about a $ 3 0 0 , 0 0 0 mortgage for a condominium he wants to purchase. This
Xavier is speaking with his banker about a $ mortgage for a condominium he wants to purchase. This resulted from a down payment he plans to make at purchase. As a reminder, compute the purchase price. Based on a mortgage his lender is offering him at annual interest for years, his monthly payment is expected at roughly $ excluding homeowner's insurance, property taxes, and other applicable fees. Express answers in dollars and cents with commas and dollar sign.
What is the total amount paid for the purchase of Xavier's home, excluding insurance, taxes and other fees? A
What is total interest paid for this home purchase once the mortgage is paid off? B
Utilizing a simple interest calculation for the first month, how much of the first monthly payment was interest? C
Utilizing a simple interest calculation for the first month, how much of the first monthly payment was principal? D
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