Curry Burton
06/12/2023 · Junior High School

You want to buy a \( \$ 224,000 \) 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 \( 5 \% \) ? Q) What will your monthly payments be if the interest rate is \( 6 \% \) ? Question Help: Dideo 1 Video 2 Message instructor

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The loan amount is \$201,600. The monthly payment at 5% interest rate is approximately \$1,080.63, and at 6% interest rate is approximately \$1,203.36.

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