Housing project part III. mlollini - Mary Lollini Spring...

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Mary LolliniSpring 2014MTH108 House Project, Part IIIPart III: Finding Mortgage Payments (35 pts.)1.Record the interest rate for each loan from the bank of your choosing (remember interest rates are percentages): Loan 1: 30-year fixed mortgage (2 pts.): 4.17%
Cite your source (1 pt.):
2.Suppose you decide to make a down payment of 20% of the purchase price for the 30-year fixed mortgage and 10% of the purchase price for the 15-year fixed mortgage. a.Calculate the down payment for your house for the 30-year fixed mortgage. Show all work.(2 pts.)
b.How much will you need to finance from the bank for the 30-year fixed mortgage if you pay the 20% down payment? Show all work.(2 pts.)

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