K Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $219,000. The bank requires a 20% down payment. nt T-GAT 1- and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 85%. Complete parts (a) through (e) below. a. Find the required down payment. b. Find the amount of the mortgage c. How much must be paid for the three points 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 CETTE

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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K
Use PMT=
to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $219,000. The bank requires a 20% down payment
nt
[GAT
1-
and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 85%. Complete parts (a) through (e) below.
a. Find the required down payment.
b. Find the amount of the mortgage
c. How much must be paid for the three points 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
G
Transcribed Image Text:K Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $219,000. The bank requires a 20% down payment nt [GAT 1- and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 85%. Complete parts (a) through (e) below. a. Find the required down payment. b. Find the amount of the mortgage c. How much must be paid for the three points 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 G
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