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lubasha [3.4K]
3 years ago
6

Why does your monthly payment go up if you reduce your down payment

Mathematics
1 answer:
charle [14.2K]3 years ago
3 0

Answer:

When you buy expensive items with a loan, you often need to make a down payment to cover a portion of the purchase price. That initial payment is often critical for getting approved, and it can affect your borrowing costs throughout the life of your loan. As a result, it’s wise to understand how down payments work so you can choose the right down payment amount.

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Data provided in the question:

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