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You are thinking of buying a new home. The house that you'd like to buy is $400,000. You have $50,000 saved as a down payment.
You are thinking of buying a new home. The house that you'd like to buy is $400,000. You have $50,000 saved as a down payment. The bank has offered you a mortgage at 2.4% compounded monthly for 30 years.
a) What will your monthly mortgage payments be?
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b) If you can afford it, you'd like to pay $50 extra a month. If you do, how long will it take you in years? (round to 2 decimals. For example, 36.357 will be 36.36)
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