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How much is joe and dianas monthly payment

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Problem

Joe and Diana buy a house with a sell price of $160,000. They must pay 15% down. They finance the balance at 4.5% compounded monthly.

a. How much is their down payment?
b. What is the amount that they are financing with the bank?
c. If they finance this home for 30 years, how much is their monthly payment?

Reference no: EM131883642

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