Use the table provided in the handbook. Ali is worried about the financing of his new home. The house sells for $170,000. If he puts down 20%, what will Ali's payment be, and what would be the total cost of interest over the cost of the loan for each assumption? 
Note: Round your "Ali's payments" answers to the nearest cent.

To calculate Ali's monthly payment and the total cost of interest, we need to follow these steps:

### 1. **Down Payment Calculation**
Ali is putting down 20% of the house price of $170,000, so the down payment is:

\[
\text{Down Payment} = 20\% \times 170,000 = 0.20 \times 170,000 = 34,000
\]

This means Ali will need to borrow the remaining:

\[
\text{Loan Amount} = 170,000 - 34,000 = 136,000
\]

### 2. **Monthly Payment Calculation**
The monthly mortgage payment can be calculated using the following formula:

\[
M = P \times \frac{r(1+r)^n}{(1+r)^n - 1}
\]

Where:
- $M$ = monthly payment
- $P$ = loan amount ($136,000 in this case)
- $r$ = monthly interest rate (annual rate divided by 12)
- $n$ = total number of payments (loan term in years multiplied by 12 months/year)

### 3. **Assumptions (Interest Rate and Loan Term)**
To proceed with the calculation, I need the interest rates and loan terms (e.g., 15-year vs. 30-year, 3%, 4%, or 5%) that are available in the handbook you're referring to. Could you either provide the table or clarify these assumptions? 

Once I have that information, I will be able to calculate both:
- Ali's monthly payment.
- The total cost of interest over the life of the loan. 

Feel free to upload a photo of the table or provide more details!

Ali is worried about the financing of his new home. The house sells for $170,000. If he puts down 20%, what will Ali's payment be, and what would be the total cost of interest over the cost of the loan for each assumption?

Learn how to calculate the monthly payment and total interest for a $170,000 home with a 20% down payment. This problem uses key financial concepts like mortgage amortization and monthly payment formulas to provide a detailed step-by-step solution. Suitable for high school and college-level students.

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