# Q3: Ms. Rigsby made a \$40,000 down payment on a \$165,000 house and took out a 20 year mortgage (at 6% compounded monthly) on the balance. How much will.

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Q3: Ms. Rigsby made a \$40,000 down payment on a \$165,000 house and took out a 20 year mortgage (at 6% compounded monthly) on the balance. How much will the monthly payments be? [We know now that R = \$895.54.]

Ms. Smith buys a car for \$20300. She makes payments at the end of each month for 6 years & pays 9.65% interest compounded monthly. What is the amount of each payment?

Find the total amount of interest Ms. Smith will pay. (We know that she paid \$372.50 monthly for 6 years and that the car price was \$20300.00)

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