ou want to buy a $258,000 home. You plan to pay 20% as a down payment, and take out a 4% APR loan or the rest. O How much is the loan amount going to be? 206400 ) What will your monthly payments be if the length of the loan is 10 years? 2089.70 V o ) What will your monthly payments be if the length of the loan is 20 years? 1250.74 V o ) Over the course of the entire loan, how much more do you end up paying with the longer loan? (Hint: tak ne difference of the total amounts paid)

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.CR: Chapter Review
Problem 66E
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You want to buy a $258,000 home. You plan to pay 20% as a down payment, and take out a 4% APR loan
for the rest.
a) How much is the loan amount going to be?
206400
b) What will your monthly payments be if the length of the loan is 10 years?
2089.70
c) What will your monthly payments be if the length of the loan is 20 years?
S 1250.74
d) Over the course of the entire loan, how much more do you end up paying with the longer loan? (Hint: take
the difference of the total amounts paid)
Transcribed Image Text:You want to buy a $258,000 home. You plan to pay 20% as a down payment, and take out a 4% APR loan for the rest. a) How much is the loan amount going to be? 206400 b) What will your monthly payments be if the length of the loan is 10 years? 2089.70 c) What will your monthly payments be if the length of the loan is 20 years? S 1250.74 d) Over the course of the entire loan, how much more do you end up paying with the longer loan? (Hint: take the difference of the total amounts paid)
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