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. ​$_______.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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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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