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Suppose that you wish to buy a new home that will cost you $474,592. You must...

Suppose that you wish to buy a new home that will cost you $474,592. You must put $80,000 down, and the bank offers you a 5-year 5.0% APR negative amortization loan with a payments $1,282 per month, at which point you are expecting to refinance. How much will you owe the bank at that time?

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Answer #1

Hence, due in bank is 5 years was $419,219.27

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