The price of a home is $139 comma 000 . The bank requires a 20% down payment and

Question

The price of a home is

$139 comma 000

.

The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at

9

%.

a.Find the required down payment.

$nothing

b.Find the amount of the mortgage.

$nothing

c.How much must be paid for the three points at closing?

$nothing

(Round to the nearest dollar as needed.)

d.Find the monthly payment (excluding escrowed taxes and insurance).

$nothing

(Round to the nearest dollar as needed.)

e.Find the total cost of interest over 30 years.

$nothing

Explanation / Answer

A.Down payment=$(139000×0.2)=$27800.

B.Amount of mortgage=$(139000-27800)=$111200

C.$(111200×0.02)=$2224.

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