If a buyer purchases a home with the cash proceeds of the


A 30-year fixed-rate mortgage has monthly payments of $1,500 per month and a mortgage interest rate of 9 percent per year compounded monthly. If a buyer purchases a home with the cash proceeds of the mortgage loan plus an additional 20 percent down, what is the purchase price of the home?

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Finance Basics: If a buyer purchases a home with the cash proceeds of the
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