You want to buy a $212,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 5%? $ LA c) What will your monthly payments be if the interest rate is 6%? LA

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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You want to buy a $212,000 home. You plan to pay
15% as a down payment, and take out a 30 year loan
for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be if the interest
rate is 5%?
$
c) What will your monthly payments be if the interest
rate is 6%?
Transcribed Image Text:You want to buy a $212,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5%? $ c) What will your monthly payments be if the interest rate is 6%?
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