The price of a home is $600,000. The bank requires a 20% down payment. The cost of the home is financed with a 30-year fixed rate mortgage at 7.5%.   Find the required down payment. Find the amount of the mortgage. Find the monthly payment (excluding escrowed taxes and insurance). Find the total interest paid over 30 years.

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.