Answered: Find the required down payment.…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

The price of a condominium is $97,000. 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%.
Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below.

Located in the picture!

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.)

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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