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Jack and Laurie Worthington bought a house for $168,100. They put 10% down, borrowed 80% from their bank for thirty years at 12% interest, and convinced the owner to take a second mortgage for the remaining 10%. That 10% is due in full in five years, and the Worthingtons agree to make monthly interest-only payments to the seller at 12% simple interest in the interim.
(a) Find the Worthingtons' down payment.
(b) Find the amount that the Worthingtons borrowed from their bank..
(c) Find the amount that the Worthingtons borrowed from the seller.
(d) Find the Worthingtons' monthly payment to the bank. (Round your answer to the nearest cent.
(e) Find the Worthingtons' monthly interest payment to the seller.
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