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A home is selling for $450,000 in a middle class section of Tucson and buyers are looking to make a 20% down payment. Buyers making a 20% down payment on a 20-year mortgage at 3.75% interest rate.
I. What amount will the buyer need for a down payment?
II. What will be the mortgage amount (ie the principal)
III. What will the total interest paid at full term of 20 years to pay off the mortgage?
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