An auto parts store sells for $300,000 and a 20% down payment is made. A 30-year mortgage at 6.5% is obtained, and closing costs are $4800. Round to the nearest cent, if necessary. Part: 0/4 Part 1 of 4 Find the down payment. The down payment is

An auto parts store sells for $300,000 and a 20% down payment is made. A 30-year mortgage at 6.5% is obtained, and closing costs are $4800. Round to the nearest cent, if necessary. Part: 0/4 Part 1 of 4 Find the down payment. The down payment is

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Question

An auto parts store sells for $300,000 and a 20% down payment is made. A 30-year mortage at 6.5% is obtained, and closing costs are $4800. Round to nearest cent, if necessary

An auto parts store sells for $300,000 and a 20% down payment is made. A 30-year mortgage at 6.5% is obtained, and closing costs are $4800. Round to the
nearest cent, if necessary.
Part: 0/4
Part 1 of 4
Find the down payment.
The down payment is

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