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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 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

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

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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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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