The price of a condominium is $140,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT= Q P n [-(₁9] + -nt (Kound 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.) a 4
The price of a condominium is $140,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT= Q P n [-(₁9] + -nt (Kound 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.) a 4
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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14.1: Answer A, B, C, D, and E questions
Transcribed Image Text:K
The price of a condominium is $140,000. The bank requires a 5% down payment and one point at the time of closing.
The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
P
[¹-(¹+)
nt
a. Find the required down payment.
$
L
b. Find the amount of the mortgage.
c. How much must be paid for the one point at closing?
a
"
ol
![The price of a condominium is $140,000. The bank requires a 5% down payment and one point at the time of closing.
The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
P
n
[-(₁9]
1+
Q
(Kound to the nearest dollar as needed.)
d. Find the monthly payment (excluding escrowed taxes and insurance).
$
-nt
(Round to the nearest dollar as needed.)
e. Find the total cost of interest over 30 years.
(Round to the nearest dollar as needed.)
C
a
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffebfc829-3adc-4601-a5b5-bd5b3e3c23b0%2F54199539-494a-45cf-bc58-2d048a8edec6%2Fqb5mhj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The price of a condominium is $140,000. The bank requires a 5% down payment and one point at the time of closing.
The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
P
n
[-(₁9]
1+
Q
(Kound to the nearest dollar as needed.)
d. Find the monthly payment (excluding escrowed taxes and insurance).
$
-nt
(Round to the nearest dollar as needed.)
e. Find the total cost of interest over 30 years.
(Round to the nearest dollar as needed.)
C
a
4
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