A two-executive professional couple wishes to purchase a new home costing $750,000, make a 20 percent down payment, and finance the remaining $600,000. The rate quoted for a conventional 30-year loan is 6 percent interest with 3.125 points (applied to only the $600,000) and $16,159 in other closing costs. a. What is the amount of the monthly payment if the points and other costs at closing are not added to the loan? Calculate this using both Excel and one of the Web-based calculators. What is the amount of the monthly payment if the points and other closing costs are added to the loan?

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.