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
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
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
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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