A House Sells for $260,000 and a 20% Down Payment $\$ 1000$

question 10

Essay

A house sells for $260,000 and a 20% down payment is made. A 15-year mortgage at 8% was obtained. (i) Find the down payment.
(ii) Find the amount of the mortgage.
(iii) Find the monthly payment.
(iv) Find the total interest paid.

Monthly Payment per $\$ 1000$ of Mortgage
(Includes Principle and Interest)
$\quad$ $\quad$ $\quad$ $\quad$$\text { Number of years }$
$\begin{array}{c|c|c}\text { Rate }(\%) & 15 & 30 \\\hline 6.5 & \$ 8.71 & \$ 6.32 \\7 & \$ 8.99 & \$ 6.65 \\7.5 & \$ 9.28 & \$ 6.99 \\8 & \$ 9.56 & \$ 7.34\end{array}$

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