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 7%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA PMT= -nt7 $ 1444 (Round to the nearest dollar as needed.) ... d. Find the monthly payment (excluding escrowed taxes and insurance). $ 961 (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. S Clear

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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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 7%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
PA
[-]
+
$ 1444
(Round to the nearest dollar as needed.)
d. Find the monthly payment (excluding escrowed taxes and insurance).
$ 961
(Round to the nearest dollar as needed.)
69 D
e. Find the total cost of interest over 30 years.
$7
64°F Clear
<
(8)
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 7%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT= PA [-] + $ 1444 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). $ 961 (Round to the nearest dollar as needed.) 69 D e. Find the total cost of interest over 30 years. $7 64°F Clear < (8)
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 7%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
69
P
(2)
[₁(₁+)]
77
$1444
(Round to the nearest dollar as needed.)
1-
d. Find the monthly payment (excluding escrowed taxes and insurance).
$ 961
(Round to the nearest dollar as needed.)
e. Find the total cost of interest over 30 years.
a
nt
S
64°F Clear
4
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 7%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT= 69 P (2) [₁(₁+)] 77 $1444 (Round to the nearest dollar as needed.) 1- d. Find the monthly payment (excluding escrowed taxes and insurance). $ 961 (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. a nt S 64°F Clear 4
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