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Question: Cindy is purchasing a house for \$100,000. She pays a downpayment of 20%, and takes a mortgage-bac…
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Show transcribed image text Cindy is purchasing a house for \$100,000. She pays a downpayment of 20%, and takes a mortgage-backed loan for the remainder. It is a 10 year loan with monthly payments at 3% APR interest. What is the amount of her monthly payment? What is the present value of all her payments, including her downpayment if her discount rate is 25%? For this part of the question, you can lump all her payments for each year together, as if there were only one cashflow each year. The downpayment happens in year 0, and the first 12 monthly payments make up year 1, and so on.

Cindy is purchasing a house for \$100,000. She pays a downpayment of 20%, and takes a mortgage-backed loan for the remainder. It is a 10 year loan with monthly payments at 3% APR interest. What is the amount of her monthly payment? What is the present value of all her payments, including her downpayment if her discount rate is 25%? For this part of the question, you can lump all her payments for each year together, as if there were only one cashflow each year. The downpayment happens in year 0, and the first 12 monthly payments make up year 1, and so on.

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