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  3. you need a loan of ?$140 comma 000 to buy a home.

You need a loan of ?$140 comma 000 to buy a home. Calculate your monthly payments...

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Basic Math

You need a loan of ?$140 comma 000 to buy a home. Calculate yourmonthly payments and total closing costs for each choice below.Briefly discuss how you would decide between the two choices.Choice? 1: 15?-year fixed rate at 7?% with closing costs of ?$1400and no points. Choice? 2: 15?-year fixed rate at 6.5?% with closingcosts of ?$1400 and 3 points. What is the monthly payment forchoice? 1? ?$ what ?(Do not round until the final answer. Thenround to the nearest cent as? needed

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The formula is used to calculate the fixed monthly payment P required to fully amortize a loan of L over a term of n months at a monthly interest rate of r is P Lr1 rn1    See Answer
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