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You want to buy a $247,000 home. You plan to pay 5% as a down payment,...

You want to buy a $247,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest.

a) How much is the loan amount going to be?

$

b) What will your monthly payments be if the interest rate is 6%?

$

c) What will your monthly payments be if the interest rate is 7%?

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