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Applications and Modeling
Mortgages
Question 12
12
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Multiple Choice
Mortgages
Question 12 • Applications and Modeling
A couple gets financing for 70% of the $450,000 purchase price of a house at the rate of 5% on the monthly unpaid balance. Using the provided table find the total amount paid to the finance company if the loan is repaid in 20 years.
Answer
A
$330,750.00
B
$712,752.00
C
$472,500.00
D
$498,960.00
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