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Question

A house sells for $465,500 and a 20% down payment is made. A 15-yearmortgage at 6.5% was obtained.

(i)Find

the down payment.

(ii)Find the amount of the mortgage.

(iii)Find the monthly payment.

(iv)Find the total interest paid.


Please show how answers were calculated with formulas.


Thank you!!

Top Answer

we firstly find downpayment and... View the full answer

IMG_20200212_092802890.jpg

P2 465,500
downpay ment 1. 2 20
. down payment 2 20% of 465 ,500
2
20 N 465 500
20x 4655
252 - 4
2 93, 100
Amount of the mortage
2 0 - Down paymend
7 2 BUGSSOO - 93 1 0D
X 180
3721 400
Monthy...

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