You want to buy a $237,000 home. You plan to pay 10% 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 interest rate is 6%? c) What will your monthly payments be if the interest rate is 7%? 12. You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in the account in 15 years?
Added by Brittany V.
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Then subtract the down payment from the total cost of the home: $237,000 - $23,700 = $213,300. So the loan amount is $213,300. $$\boxed{213,300}$$ b) Show more…
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