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Answer:
Step-by-step explanation:
1.)
The price of the house will be 500,000 which will make the downpayment 500,000*.2=100,000
so write down 500,000 and 100,000
2.)
For this one let's do 3 years at 3%
which would make the effective rate .03/12=.0025
let x= monthly payment
[tex]100000=x\frac{(1+.0025)^{12*3}-1}{.0025}[/tex]
which i will round to 2658.12
so write down: 3 years, 3%, [tex]100000=2658.12\frac{(1+.0025)^{12*3}-1}{.0025}[/tex], 2658.12
3.) the remaining 80% = 500,000-100000= 400,000
For this one let's do 6% for 6 years
which would make the effective rate: .06/12= .005
[tex]400000=x\frac{1-(1.005)^{-12*6}}{.005}\\x=6629.155157[/tex]
which i will round to 6629.16
so write down: [tex]400000=6629.16*\frac{1-(1+.005)^{-12*6}}{.005}[/tex], 6629.16