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a. You want to buy a $170,000 house. The loan requires 10% down, has a 7.75%...

a. You want to buy a $170,000 house. The loan requires 10% down, has a 7.75% fixed APR, and a term of 30 years. You will make monthly mortgage payments. How much will your monthly payments be?

b. You want to buy a $170,000 house. The loan requires 10% down, has a 7.75% fixed APR, and a term of 30 years. You will make monthly mortgage payments. What is the total interest you will pay over the life of the loan?

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Answer #1

Size of loan$153,000 [ 170000 x 0.90] Required monthly payment pmt-o(1-(1/(1+rn)/r] 153000 (1-(1/(1.006464360)/0.00646] $1,21

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