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You purchase a house today for 127,000 with a 20% down payment. A fee of 1.5% of the loan amount is added to the loan balance. The balance is financed over 30 years at an interest rate of .381% per month.

a) what is the monthly payment

b)If you make an extra payment of 25,000 at the end of year three and continue to make regular monthly payments how many years of payments from the original loan will i save?

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Accounting Basics, Accounting

Category:- Accounting Basics
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