You want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loan with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? $ c) What will your monthly payments be if you have a 15-year loan? $ d) What is the total amount paid to the bank over the 30-years? $ e) Whatis the total amount paid to the bank over the 15-years? $ f) Find the total interest paid for the 30-year loan. $ g) Find the total interest paid for the 15-year loan. $

You want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loan with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? $ c) What will your monthly payments be if you have a 15-year loan? $ d) What is the total amount paid to the bank over the 30-years? $ e) Whatis the total amount paid to the bank over the 15-years? $ f) Find the total interest paid for the 30-year loan. $ g) Find the total interest paid for the 15-year loan. $

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter1: Equations, Inequalities, And Mathematical Modeling

Section1.3: Modeling With Linear Equations

Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...

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