What are total monthly payments

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An engineer bought a house four years ago for $70,000. She paid cash equal to 10% of the purchase price as the down payment. The rest she financed with two loans. One is a company subsidized loan of 12% for $20,000, with equal monthly payments for 20 years. The other loan (for the remainder of the money needed) was provided by a local bank, with an interest rate of 15%, also payable over 20 years, with uniform monthly payments.

What are her total monthly payments?

Reference no: EM132667051

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