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question 158

Short Answer

Use the table to answer the questions.
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Effect of Down Payment on the Cost of a $\$ 120,000$ Home with Interest at $8 \%$
$\begin{array}{cccc}\text { Down Payment } & \text { Percent of House Price } & \begin{array}{c}\text { Monthly Payment } \\30 \text { Years }\end{array} & \begin{array}{c}\text { Total Payment } \\30 \text { Years }\end{array} \\\$ 0 & 0 \% & \$ 880.52 & \$ 316,987 \\\$ 6,000 & 5 \% & \$ 836.49 & \$ 301,136 \\\$ 12,000 & 10 \% & \$ 792.47 & \$ 285,289 \\\$ 24,000 & 20 \% & \$ 704.41 & \$ 253,588 \\\$ 30,000 & 25 \% & \$ 660.39 & \$ 237,740 \\\$ 36,000 & 30 \% & \$ 616.36 & \$ 221,890\end{array}$ If you are obtaining a $120,000 house with a 30-year 8% loan, what would you save in monthly payments by increasing your down payment from $12,000 to $36,000? Enter the answer to the nearest cent. $ __________ What would you save in the total payments? Enter the answer to the nearest integer. $ __________

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Definitions:

Independent Contractor

An individual or business that provides goods or services to another entity under terms specified in a contract or within a verbal agreement, not classified as an employee.

Employee

An individual who is hired by an employer to perform a specific job or duty in exchange for compensation.

Partner

An individual or entity involved in a business enterprise with one or more other partners, sharing in the profits and losses of the business.

Agency Parties

Individuals or entities that enter into an agency relationship where one party (the agent) agrees to act on behalf of another party (the principal).