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The price of a condominium is $146,000. 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 7.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA [-] PMT= a. Find the required down payment. b. Find the amount of the mortgage. ICCER c. How much must be paid for the one point at closing? $ (Round to the nearest dollar as needed.)

The price of a condominium is $146,000. 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 7.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA [-] PMT= a. Find the required down payment. b. Find the amount of the mortgage. ICCER c. How much must be paid for the one point at closing? $ (Round to the nearest dollar as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The price of a condominium is $146,000. 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 7.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA PMT= a. Find the required down payment. $ b. Find the amount of the mortgage. c. How much must be paid for the one point at closing? (Round to the nearest dollar as needed.) BCCC
Transcribed Image Text:The price of a condominium is $146,000. 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 7.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA PMT= a. Find the required down payment. $ b. Find the amount of the mortgage. c. How much must be paid for the one point at closing? (Round to the nearest dollar as needed.) BCCC
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.)
Transcribed Image Text: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.)
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