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Question

Cari just bought a house. She made a $35,000 down payment and financed the balance with a 30-year home mortgage loan with an interest rate of 5.75% compounded monthly. Her monthly mortgage payment is$877. What was the selling price of the house?

Solution

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Answered 2 years ago

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1 of 5Cari had taken out the $30$-year home mortgage loan with an interest rate of $5.75\%$. Her monthly payment is $\$877$. We need to find the selling price of the house. The selling price will be the sum of the $\$35000$ down payment and the amount she took with the mortgage. Let $P$ denote that amount.

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