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You can afford a $1450 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can

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You can afford a $1450 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? S c) How much of that money is interest? You want to buy a S231.000 home. You plan to pay 10% as a down payment, and take out a 3.7% APR loan for the rest a) How much is the loan amount going to be? S b) What will your monthly payments be if the length of the loan is 15 years? c) What will your monthly payments be if the length of the loan is 30 years? d) Over the course of the entire loan, how much more do you end up paying with the longer loant (Hint: take the difference of the total amounts paid)

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