Gerry is buying 80 acres of farmland that cost $250,000. He will take out a 20-year loan with a 1.9% annual interest rate, and he can afford a $1,150 monthly payment. What minimum down payment must Gerry make to keep his monthly payment at or below $1,150? (Answers are rounded to the nearest 10 dollars.) O $26,000 O $4,360 O $3,310 O $20,530
Gerry is buying 80 acres of farmland that cost $250,000. He will take out a 20-year loan with a 1.9% annual interest rate, and he can afford a $1,150 monthly payment. What minimum down payment must Gerry make to keep his monthly payment at or below $1,150? (Answers are rounded to the nearest 10 dollars.) O $26,000 O $4,360 O $3,310 O $20,530
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
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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Transcribed Image Text:Gerry is buying 80 acres of farmland that cost $250,000. He will take out a 20-year loan with a 1.9% annual interest rate, and he can afford a $1,150 monthly payment.
What minimum down payment must Gerry make to keep his monthly payment at or below $1,150?
(Answers are rounded to the nearest 10 dollars.)
$26,000
$4,360
$3,310
O $20,530
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