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You want to buy a $226,000 home. You plan to pay 20% as a down payment, and take out a 3.4% APR loan for the
You want to buy a $226,000 home. You plan to pay 20% as a down payment, and take out a 3.4% APR loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the length of the loan is 10 years? $ c) What will your monthly payments be if the length of the loan is 20 years? $ d) Over the course of the entire loan, how much more do you end up paying with the longer loan? (Hint: take the difference of the total amounts paid) $
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