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WITCHER [35]
3 years ago
9

A buyer has decided to offer $335,000 for a home that she really likes. The bank will loan her 80% of the purchase price for 30

years at 5% interest. What will be the amount of her principal and interest payment if the requirement is $5.68 per thousand of the loan amount?
Business
1 answer:
RUDIKE [14]3 years ago
5 0

Answer:

We have:

Amount of principal = $268,000

Interest payment = $1,522.24

Explanation:

These can be calculated as follows:

Loan principal = Cost of the home * Percentage to borrow = $335,000 * 80% = $268,000

Interest payment = (Loan principal / $1,000) * $5.68 = ($268,000 / $1,000) * $5.68 = 268 * $5.68 = $1,522.24

Therefore, we have:

Amount of principal = $268,000

Interest payment = $1,522.24

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