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Enter your search term You want to buy a $165,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. The bank will charge 2.5 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 2.5 points? 1 point is 1 % of the mortgage amount d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here

Enter your search term You want to buy a $165,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. The bank will charge 2.5 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 2.5 points? 1 point is 1 % of the mortgage amount d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Enter your search term You want to buy a $165,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. The bank will charge 2.5 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 2.5 points? *1 point is 1 % of mortgage amount d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here
Transcribed Image Text:Enter your search term You want to buy a $165,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. The bank will charge 2.5 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 2.5 points? *1 point is 1 % of mortgage amount d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here
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