Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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The Fritzes are buying a house that sells for $74,000. The bank is requiring a minimum down payment of 20%. To
obtain a 35-year mortgage at 7.5% interest, they must pay 4 points at the time of closing.
a) Determine the required down payment.
b) Determine the amount of the mortgage on the property with the 20% down payment.
c) Find the cost of 4 points on the mortgage.
a) The required down payment is $ 14800.
b) The mortgage on the property is $ 59200
c) The cost of the 4 points on the mortgage is $
(Round to the nearest dollar as needed.)
...
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Transcribed Image Text:The Fritzes are buying a house that sells for $74,000. The bank is requiring a minimum down payment of 20%. To obtain a 35-year mortgage at 7.5% interest, they must pay 4 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 4 points on the mortgage. a) The required down payment is $ 14800. b) The mortgage on the property is $ 59200 c) The cost of the 4 points on the mortgage is $ (Round to the nearest dollar as needed.) ...
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