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The Fritzes are buying a house that sells for $101,000. The bank is requiring a minimum down payment of 20%. To obtain a 40-year mortgage at 11.5% interest, they must pay 3 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 3 points on the mortgage. a) The required down payment is $ 20200 b) The mortgage on the property is $ 80800 c) The cost of the 3 points on the mortgage is $ 9413 (Round to the nearest dollar as needed.)

The Fritzes are buying a house that sells for $101,000. The bank is requiring a minimum down payment of 20%. To obtain a 40-year mortgage at 11.5% interest, they must pay 3 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 3 points on the mortgage. a) The required down payment is $ 20200 b) The mortgage on the property is $ 80800 c) The cost of the 3 points on the mortgage is $ 9413 (Round to the nearest dollar as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The Fritzes are buying a house that sells for $101,000. The bank is requiring a minimum down payment of 20%. To obtain a 40-year mortgage at 11.5% interest, they must pay 3 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 3 points on the mortgage. a) The required down payment is $ 20200 b) The mortgage on the property is $ 80800 c) The cost of the 3 points on the mortgage is $ 9413 (Round to the nearest dollar as needed.) $
Transcribed Image Text:The Fritzes are buying a house that sells for $101,000. The bank is requiring a minimum down payment of 20%. To obtain a 40-year mortgage at 11.5% interest, they must pay 3 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 3 points on the mortgage. a) The required down payment is $ 20200 b) The mortgage on the property is $ 80800 c) The cost of the 3 points on the mortgage is $ 9413 (Round to the nearest dollar as needed.) $
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