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You want to buy a $252,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the

You want to buy a $252,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. A down payment is subtracted from price of home before the loan is calculated.

a) How much is the loan amount going to be?

b) What will your monthly payments be if the interest rate is 5%?

c) What will your monthly payments be if the interest rate is 6%?

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