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What is the total amount of money for all of the payments

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Reference no: EM132893580

Problem - You are purchasing your first home. The cost of the home is $450,000 and you will be putting 25% of the price as your down payment. The loan will be for 30 years at an APR of 5.5%.

a. How much is your Down Payment?

b. How much is the principal of your loan?

c. How much is each monthly payment?

d. What is the total amount of money for all of the payments?

e. How much did you spend in total for your home over 30 years?

f. How much did you pay in Finance Charges?

Reference no: EM132893580

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