Bill Joness brother and sister in law, Benny and Louise Jones, plan to buy the...
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Bill Joness brother and sister in law, Benny and Louise Jones, plan to buy the house next door to bill for $265,000. Benny and Louise have determined that they can afford a monthly payment of principal and interest of $1,000. However, unlike Bill, they want a 30 year loan and current rates are 5%.
- How much can Benny and Louise borrow?
- How much will their down payment be?
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