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April 20, 2014

Homework Help: Math

Posted by Pat on Saturday, February 25, 2012 at 3:31pm.

The Robinsons decide they would rather purchase the $85,000 home. Their bank requires a 5% down payment to be paid to the seller and a payment of 1 point (1%) of the mortgage at the time of closing.

How much is the down payment?

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