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A Building Sells for $350,000

Question 104

Essay

A building sells for $350,000.00. The buyer makes a 20% down payment and obtains a 30-year
mortgage at 6.5%
(i)Find the down payment.
(ii)Find the amount of the mortgage.
(iii)Find the monthly payment.
(iv)Find the total interest paid. A building sells for $350,000.00. The buyer makes a 20% down payment and obtains a 30-year mortgage at 6.5% (i)Find the down payment. (ii)Find the amount of the mortgage. (iii)Find the monthly payment. (iv)Find the total interest paid.

Correct Answer:

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(i)Down payment = $70,000.00
(...

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