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5) You want to buy a new house
5) You want to buy a new house. The bank is willing to make you a 30-year loan at 8% compounded monthly for 90% of the value of the house. How much is your down-payment if the mortgage payments are $2500 per month? a) $37,856.53 b) $41,285.22 c) $254,435.43 d) $340,708.74 e) None of the above
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