Ruiz Wade
09/25/2024 · 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 \( 5 \% \) ? c) What will your monthly payments be if the interest rate is \( 6 \% \) ?

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a) The loan amount is \$201,600. b) Monthly payments at 5% interest rate: approximately \$10079. c) Monthly payments at 6% interest rate: approximately \$12095.

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