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Bill wants to buy a condominium that costs $81,000. The bank requires a 10% down payment. The rest is financed with a 15-year, fixed-rate mortgage at 8.5%
annual interest with monthly payments.
Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the
list of financial formulas.
(a) Find the required down payment.
$
(b) Find the amount of the mortgage.
$0
(c) Find the monthly payment.
X 5
$0

Bill wants to buy a condominium that costs 81000 The bank requires a 10 down payment The rest is financed with a 15year fixedrate mortgage at 85 annual interest class=

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