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Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments

  • Math -

    Loan Amt.=450,000-0.2*450000= $360,000.

    6/1000 = X/360000.
    X = 360,000(6/1000) = $2160/mo.

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