P LIC Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home $217,000. The bank requires a 20% down payment and three points at the time of closing. The cost the home is financed with a 30-year fixed-rate mortgage at 7%. 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. $ (Round to the nearest dollar as needed.) 4
P LIC Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home $217,000. The bank requires a 20% down payment and three points at the time of closing. The cost the home is financed with a 30-year fixed-rate mortgage at 7%. 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. $ (Round to the nearest dollar as needed.) 4
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter5: Making Automobile And Housing Decisions
Section: Chapter Questions
Problem 8FPE
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