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The price of a condominium is $152,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA PMT= $144400 -nt] c. How much must be paid for the one point at closing? $1444 (Round to the nearest dollar as needed.) Et d. Find the monthly payment (excluding escrowed taxes and insurance). $1244 (Round to the nearest dollar as needed.) a ... C W 78°F Clear

The price of a condominium is $152,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA PMT= $144400 -nt] c. How much must be paid for the one point at closing? $1444 (Round to the nearest dollar as needed.) Et d. Find the monthly payment (excluding escrowed taxes and insurance). $1244 (Round to the nearest dollar as needed.) a ... C W 78°F Clear

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 price of a condominium is $152,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT= $144400 P [₁-( 1 + -nt c. How much must be paid for the one point at closing? $ 1444 hs (Round to the nearest dollar as needed.) 25 d. Find the monthly payment (excluding escrowed taxes and insurance). $1244 (Round to the nearest dollar as needed.) -- C W 78°F Clear < rect: 1 18 4x
Transcribed Image Text:← The price of a condominium is $152,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT= $144400 P [₁-( 1 + -nt c. How much must be paid for the one point at closing? $ 1444 hs (Round to the nearest dollar as needed.) 25 d. Find the monthly payment (excluding escrowed taxes and insurance). $1244 (Round to the nearest dollar as needed.) -- C W 78°F Clear < rect: 1 18 4x
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