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Home Loan Problems Set 7 Question 10

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Question 10

Phoenix is buying a $580000 two bedroom house. He has decided to go with a loan from the Rockland Trust Co.. He's managed to collect enough money to make a 19 % deposit. The length of the mortgage is 20 years, with a fixed interest rate of 7.2 %.

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Your job is to work the amount of money Phoenix will have to pay to the Rockland Trust Co. every month.

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