Lenny D. answered • 05/10/20
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Financial Professional with many years of Wall Street Experience
Use the same formula and procedure I showed in the previous two questions
You want to buy a $202,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be if the annual interest rate is 5%?
c) What will your monthly payments be if the annual interest rate is 6%?
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