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You are planning to purchase a house at a price of $10,000,000. You are applying for a 30 year mortgage with 6% interest rate at
You are planning to purchase a house at a price of $10,000,000. You are applying for a 30 year mortgage with 6% interest rate at the Bank of america to pay this amount. The bank agrees to lend you the rest of the house price if you have cash to pay 27% down payment plus a 6% closing cost of the loan amount. How much cash do you need?
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