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You plan to buy your dream home in 10 years. At that time, you would like to be able to afford a $400,000 home and

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You plan to buy your dream home in 10 years. At that time, you would like to be able to afford a $400,000 home and put 20% down (pay 20% of the purchase price with your own money), and take out a 30 year mortgage for the rest. You can invest at 9% per year compounded monthly. Assume this will also be the interest rate on the mortgage a. How much money do you need to save each month for the next 10 years to make the down payment? b. How much will you have to borrow to buy the home? c. What will your monthly payment be on the mortgage? Assume the same 9% monthly APR from above. d. What will the balance on your mortgage be after you've made your monthly payments for 10 years (120 payments)

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