Use the table to answer the questions.
">

\text { cellpadding }=" 0 \text { " cellspacing }=0 " \text { align }=\text { "center" width }=" 48 \% \text { " border }=" 1 ">

Effect of Down Payment on the Cost of a

\$ 120,000

Home with Interest at

8 \%

\begin{array}{cccc}\text { Down Payment } & \text { Percent of House Price } & \begin{array}{c}\text { Monthly Payment } \\30 \text { Years }\end{array} & \begin{array}{c}\text { Total Payment } \\30 \text { Years }\end{array} \\\$ 0 & 0 \% & \$ 880.52 & \$ 316,987 \\\$ 6,000 & 5 \% & \$ 836.49 & \$ 301,136 \\\$ 12,000 & 10 \% & \$ 792.47 & \$ 285,289 \\\$ 24,000 & 20 \% & \$ 704.41 & \$ 253,588 \\\$ 30,000 & 25 \% & \$ 660.39 & \$ 237,740 \\\$ 36,000 & 30 \% & \$ 616.36 & \$ 221,890\end{array}

If you are obtaining a $120,000 house with a 30-year 8% loan, what would you save in monthly payments by increasing your down payment from $12,000 to $36,000? Enter the answer to the nearest cent. $ __________ What would you save in the total payments? Enter the answer to the nearest integer. $ __________

Estimate the Answer by Picking the Best Choice Without Calculating

Multiple Choice

Correct Answer:VerifiedUnlock this answer nowGet Access to more Verified Answers free of chargeAccess For Free

Correct Answer:
Verified
Unlock this answer now
Get Access to more Verified Answers free of charge