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You want to buy a $150,000 home, and you have $55,000 saved up. The bank offers a 20 -year mortgage at 3.2% interest. (a) If

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You want to buy a $150,000 home, and you have $55,000 saved up. The bank offers a 20 -year mortgage at 3.2% interest. (a) If you expect to pay $4,650 in closing costs, what percentage down payment can you afford? Round your answer to the nearest tenth of a percent. % (b) If you put less than 20% down, you'll need to pay mortgage insurance. Will you require mortgage insurance? Yes No (c) What will the principal be on the loan? (d) What will your monthly P\&I (principal and interest) payment be? (e) In addition to principal and interest, the property taxes will be 1.5% of the home value per year, the homeowners insurance will be $725 per year, and the mortgage insurance (if needed, according to part (b)) will be $40 per month. What will your total monthly payment amount be? (f) How much will you pay in total over 20 years in principal and interest? (g) How much interest will you pay in total? $

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