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MATH 123 Quantitative Reasoning Questions

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MATH 123 Quantitative Reasoning Homework Section 11 Loans Show all work including what values you plug into formulas in order to receive full credit. Explain the meaning of your answers using complete sentences when appropriate. Section:_____ Name:_________________________________ 1. Your classmate tells you the details of the great deal he got on his mortgage: 30-year 3.5% fixed rate with a 10% down payment. a. If his new home costs $136,000, what is his down payment? 10%x136000= $13600 b. How much is he going to borrow to buy the house (assuming he only has the money to make the down paym ...
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