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A loan used for buying a home is called a mortgage. The Fortuna to family is buying a $430,000 home. They are taking out a 30-year mortgage at a rate of 8%.
a. Compute the monthly payment.
b. Find the total of all of the monthly payments for the 30 years.
c. What is the finance charge?
d. Which is greater, the interest or the original cost of the home? |
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