8. You are advising Mary Martin on the purchase of a home. Mary is a...
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8. You are advising Mary Martin on the purchase of a home. Mary is a client of yours and she would like to purchase a home in six years. She currently has $25,000 saved, and believes she will need $50,000 for a down payment. She estimates she can earn 6% annually on her investments with you How much will Mary need to save annually to have $50,000 in six years? Assuming Mary has the $50,000 for a down payment in six years, and she finds a home for $200,000, how much will Mary need to borrow (mortgage) in order to purchase the home. With your answer in the previous question, calculate Mary's MONTHLY mortgage payment for a 30 year mortgage with a 4% fixed interest rate
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