Suppose that the seller of a home has accepted your offer of $175,900 to purchase the home.Suppose you are going to make a down payment of $11,000 and take out a 30-year mortgagewith a fixed APR of 3.236% to cover the rest of the cost. (a) Calculate the total of your monthly payments (in dollars) over the 30 years. (b) If closing costs consist of 3 points and a fixed cost of $1562, how much will you pay inclosing costs in total?
Suppose that the seller of a home has accepted your offer of $175,900 to purchase the home.Suppose you are going to make a down payment of $11,000 and take out a 30-year mortgagewith a fixed APR of 3.236% to cover the rest of the cost. (a) Calculate the total of your monthly payments (in dollars) over the 30 years. (b) If closing costs consist of 3 points and a fixed cost of $1562, how much will you pay inclosing costs in total?
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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Suppose that the seller of a home has accepted your offer of $175,900 to purchase the home.Suppose you are going to make a down payment of $11,000 and take out a 30-year mortgagewith a fixed APR of 3.236% to cover the rest of the cost.
(a) Calculate the total of your monthly payments (in dollars) over the 30 years.
(b) If closing costs consist of 3 points and a fixed cost of $1562, how much will you pay inclosing costs in total?
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