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Your clients are purchasing a home for the first time. They are wanting to put 20% down and are the cost of the home they
Your clients are purchasing a home for the first time. They are wanting to put 20% down and are the cost of the home they have their eye on is $427,389. They qualify for a 30-year mortgage, paid monthly, with an interest rate of 3.87%.
a. How much of the home will be financed?
b. What is the monthly payment of the loan?
c. All else equal, how much of the mortgage will be left after 3 years?
d. All else equal, how much total interest will they pay on this loan?
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