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A computer store sells for $2,000,000. The buyer made a 40% down payment and secured a 20-year mortgage on the balance at 3.5%. Round to the nearest cent, if necessary. Part 1 of 4 The down payment is Part 2 of 4 The amount of the mortgage is Part 3 of 4 The monthly payment is Part 4 of 4 Over the life of the loan, $__________ in interest will be paid.

A computer store sells for $2,000,000. The buyer made a 40% down payment and secured a 20-year mortgage on the balance at 3.5%. Round to the nearest cent, if necessary. Part 1 of 4 The down payment is Part 2 of 4 The amount of the mortgage is Part 3 of 4 The monthly payment is Part 4 of 4 Over the life of the loan, $__________ in interest will be paid.

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 16E
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A computer store sells for $2,000,000. The buyer made a 40% down payment and secured a 20-year mortgage on the balance at 3.5%. Round to the nearest cent, if necessary.

 

Part 1 of 4
The down payment is

Part 2 of 4
The amount of the mortgage is 

Part 3 of 4
The monthly payment is 
 
Part 4 of 4
Over the life of the loan, $__________ in interest will be paid.
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