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The Nicols are buying a house selling for $435,000. They pay a down payment of $35,000 from the sale of their current house. To obtain a 20-year mortgage at a 6% interest rate, the Nicols must pay 1.5 points at the time of closing. a) What is the amount of the mortgage? b) What is the cost of the 15 points?

The Nicols are buying a house selling for $435,000. They pay a down payment of $35,000 from the sale of their current house. To obtain a 20-year mortgage at a 6% interest rate, the Nicols must pay 1.5 points at the time of closing. a) What is the amount of the mortgage? b) What is the cost of the 15 points?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Please answer A and B for Practice work explanation 

The Nicols are buying a house selling for $435,000. They pay a down payment of $35,000 from the sale of their current house. To obtain a 20-year mortgage at a 6% interest rate, the Nicols must pay 1.5 points at the time of closing. a) What is the amount of the mortgage? b) What is the cost of the 1.5 points? a) The amount of the mortgage is $. h
Transcribed Image Text:The Nicols are buying a house selling for $435,000. They pay a down payment of $35,000 from the sale of their current house. To obtain a 20-year mortgage at a 6% interest rate, the Nicols must pay 1.5 points at the time of closing. a) What is the amount of the mortgage? b) What is the cost of the 1.5 points? a) The amount of the mortgage is $. h
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