judy recently purchased her first home for $200,000. she made a down payment of
ID: 1172539 • Letter: J
Question
judy recently purchased her first home for $200,000. she made a down payment of $20,009, and financed the balance over 15 years, at 4.25% interest. if judy's first payment is due on october 1st of this year, approximately how much interest will she pay this year? judy recently purchased her first home for $200,000. she made a down payment of $20,009, and financed the balance over 15 years, at 4.25% interest. if judy's first payment is due on october 1st of this year, approximately how much interest will she pay this year?Explanation / Answer
Interest paid by the Judy in 1st year = (price of home - down payment) * interest rate
= 4.25% of $(200000 - 20009)
= $7649.6175
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