A house sells for $192,500 and a 35% down payment is made. A 15-year mortgage at 7% was obtained. (i)  Find the down payment. (ii)  Find the amount of the mortgage. (iii)  Find the monthly payment.

Intermediate Algebra
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ISBN:9780998625720
Author:Lynn Marecek
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Chapter2: Solving Linear Equations
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Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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  1. A house sells for $192,500 and a 35% down payment is made. A 15-year mortgage at 7% was obtained.

    1. (i)  Find the down payment.

    2. (ii)  Find the amount of the mortgage.

    3. (iii)  Find the monthly payment.

    4. (iv)  Find the total interest paid.

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