Solution-Determine the twenty percent down payment

Determine the twenty percent down payment

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Problem 1: The biggest single purchase that most people make in their lives is the purchase of a home. Most home owners have to ?nance the purchase with an installment loan. Assume you have found your new home and it costs $245,000. You need to have a 20% down payment. Determine the 20% down payment and the amount of the mortgage loan. Assume any other costs will be taken care of at settlement and not incorporated into the loan.

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Determine the twenty percent down payment

Reference no: EM132686645

Reference no: EM132686645

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