An auto parts store sells for  $300,000  and a  30%  down payment is made. A  20 -year mortgage at  7%  is obtained, and closing costs are  $9800 . Round to the nearest cent, if necessary. A) Find the down payment? B) Find the amount of the mortgage? C) Find the monthly payment? D) Over the life of the loan, How much in interest will be paid?

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.