marinaandersen142 marinaandersen142

22-03-2024
Mathematics

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You buy a home for $177,831 and put $11,459 down. You borrow the remainder. The mortgage company also charges a 3% loan and closing fee which you must also borrow. The interest rate is 6.5% for 30 years. Calculate the total cost of credit assuming you make the monthly payments for the full number of years.

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