How much cash do they need as a down payment

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Reference no: EM131022072

The Tower family wants to make a home improvement that is expected to cost 60,000 now. They want to fund as much of the cost as possible with a home equity loan but can afford payments of only 800$ per month. Their banks offer equity loans at 1% monthly for a maximum term of 10 years. How much cash do they need as a down payment?

Reference no: EM131022072

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