P LIC Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home $217,000. The bank requires a 20% down payment and three points at the time of closing. The cost the home is financed with a 30-year fixed-rate mortgage at 7%. Complete parts (a) through (e) below. a. Find the required down payment. b. Find the amount of the mortgage. $ c. How much must be paid for the three points at closing? (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $ (Round to the nearest dollar as needed.) 4

P LIC Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home $217,000. The bank requires a 20% down payment and three points at the time of closing. The cost the home is financed with a 30-year fixed-rate mortgage at 7%. Complete parts (a) through (e) below. a. Find the required down payment. b. Find the amount of the mortgage. $ c. How much must be paid for the three points at closing? (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $ (Round to the nearest dollar as needed.) 4

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 8FPE

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Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $181,000. The bank requires a 20% down payment and three points at the time of closing. The cost of 1- the horme is financed with a 30-year fixed-rate mortgage at 7.5%. Complete parts (a) through (e) below. a. Find the required down payment. b. Find the amount of the mortgage. c. How much must be paid for the three points at closing? $ (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). $ (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $ (Round to the nearest dollar as needed.) Next MacBook Air 8884 %23 24 % & * 2 3 4 5 6 8. 9. R. T Y D K F. S'
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