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43. Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a - nt 1- home is $216,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e) below. down payment = (0,20)(216,000)=#43,20 0 a. Find the required down payment. $ 43,200 a. ind he amount dea Am mant ef Martagage =$216,000- B43,200 b. Find the amount $ 172,800 $ 172,800 33%.ef 172,800=1003)(172,800) c. How much must be paid for the three points at closing? 2$ 5184 (Round to the nearest dollar as needed.) = 584 d. Find the monthly payment (excluding escrowed taxes and insurance). 2$ 1092 (Round to the nearest dollar as needed.). "PMT= -1092 e. Find the total cost of interest over 30 years. 2$ 220,320 (Round to the nearest dollar as needed.) 12

43. Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a - nt 1- home is $216,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e) below. down payment = (0,20)(216,000)=#43,20 0 a. Find the required down payment. $ 43,200 a. ind he amount dea Am mant ef Martagage =$216,000- B43,200 b. Find the amount $ 172,800 $ 172,800 33%.ef 172,800=1003)(172,800) c. How much must be paid for the three points at closing? 2$ 5184 (Round to the nearest dollar as needed.) = 584 d. Find the monthly payment (excluding escrowed taxes and insurance). 2$ 1092 (Round to the nearest dollar as needed.). "PMT= -1092 e. Find the total cost of interest over 30 years. 2$ 220,320 (Round to the nearest dollar as needed.) 12

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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43. Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a - nt 1- home is $216,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e), below. down payment = (0.20)(16,000)=$43,200 Ammaut of Martegage =$216,00 – B43,200 $ 172,800 >3%.0f 172,800-1003) (172,800) a. Find the required down payment. $ 43,200 b. Find the amount of the mortgage. $ 172,800 c. How much must be paid for the three points at closing? $ 5184 (Round to the nearest dollar as needed.) = 584 d. Find the monthly payment (excluding escrowed taxes and insurance). 2$ 1092 (Round to the nearest dollar as needed.). "PMT= -1092 e. Find the total cost of interest over 30 years. $ 220,320 (Round to the nearest dollar as needed.) 12
Transcribed Image Text:43. Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a - nt 1- home is $216,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e), below. down payment = (0.20)(16,000)=$43,200 Ammaut of Martegage =$216,00 – B43,200 $ 172,800 >3%.0f 172,800-1003) (172,800) a. Find the required down payment. $ 43,200 b. Find the amount of the mortgage. $ 172,800 c. How much must be paid for the three points at closing? $ 5184 (Round to the nearest dollar as needed.) = 584 d. Find the monthly payment (excluding escrowed taxes and insurance). 2$ 1092 (Round to the nearest dollar as needed.). "PMT= -1092 e. Find the total cost of interest over 30 years. $ 220,320 (Round to the nearest dollar as needed.) 12
In question # 43, what is the amount of mortgage and how much is the total cost of interest over 30 years?
Transcribed Image Text:In question # 43, what is the amount of mortgage and how much is the total cost of interest over 30 years?
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