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= -nt a. Find the required down payment. $7600 b. Find the amount of the mortgage. $ 144400 c. How much must be paid for the one point at closing? (Round to the nearest dollar as needed.)
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= -nt a. Find the required down payment. $7600 b. Find the amount of the mortgage. $ 144400 c. How much must be paid for the one point at closing? (Round to the nearest dollar as needed.)
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 7%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
Ei
1-
a. Find the required down payment.
$ 7600
P
b. Find the amount of the mortgage.
$144400
ww
-nt]
c. How much must be paid for the one point at closing?
S
(Round to the nearest dollar as needed.)
a
C
66°F Clear](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a560b6e-7efb-42a9-961d-4ddfe6ff112f%2Fa16f30ac-b0eb-44fd-9aa2-f8f9b87c455f%2Fve7po9s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:O
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=
Ei
1-
a. Find the required down payment.
$ 7600
P
b. Find the amount of the mortgage.
$144400
ww
-nt]
c. How much must be paid for the one point at closing?
S
(Round to the nearest dollar as needed.)
a
C
66°F Clear
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