You want to buy a $140,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 5.9% interest for the rest. The bank will charge 2 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 2 points? d) Find the amount of the monthly payment.

You want to buy a $140,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 5.9% interest for the rest. The bank will charge 2 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 2 points? d) Find the amount of the monthly payment.

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

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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