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What is the amount of the down payment

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Question - You are interested in buying a new home that costs $280,000. The mortgage company requires a down payment of 15% of the cost of the home. You will borrow the rest. The mortgage company offers 2 options. Option 1 is a 15 year loan with an APR of 6.99% and option 2 is 30 year loan with an APR of 5.99%.

Required - What is the amount of the down payment? How much will you borrow?

Reference no: EM133156159

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