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You have found your dream home, which is listed for $ 3 0 0 , 0 0 0 . You put 1 5 % of
You have found your dream home, which is listed for $ You put of the price of the home as a down payment and take out a loan for the remaining cost. The bank offers you a year fixed loan with APR compounded monthly. Round all answers to the nearest cent.
a Calculate the principal amount financed loan amount
$
b Calculate the minimum monthly payment.
$
c Calculate the total interest paid over the life of the loan if only the minimum monthly payments are made.
$
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