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example 4 Home Mortgage Chapter 5.6 A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house? 2009 PBLPathways

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A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house? Present Value of an Ordinary Annuity If a payment of $R is to be made at the end of each period for n periods from an account that earns interest at a rate of i per period, then the account is an ordinary annuity, and the present value is

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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2009 PBLPathways A couple who wants to purchase a home has $30,000 for a down payment and wants to make monthly payments of $2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

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Mortgages. Almost everyone who buys a home requires a loan from the bank. A mortgage is repaid over a set length of time, known as the amortization period.

Mortgages. Almost everyone who buys a home requires a loan from the bank. A mortgage is repaid over a set length of time, known as the amortization period.

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