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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 [₁₁] -nt7 b. Find the amount of the mortgage. $144400 *** c. How much must be paid for the one point at closing? $ 1444 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance).

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 [₁₁] -nt7 b. Find the amount of the mortgage. $144400 *** c. How much must be paid for the one point at closing? $ 1444 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance).

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 7%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT= b. Find the amount of the mortgage. $ 144400 c. How much must be paid for the one point at closing? $ 1444 (Round to the nearest dollar as needed.) 69 n 481 nt d. Find the monthly payment (excluding escrowed taxes and insurance). A a H 63°F Clear A (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= b. Find the amount of the mortgage. $ 144400 c. How much must be paid for the one point at closing? $ 1444 (Round to the nearest dollar as needed.) 69 n 481 nt d. Find the monthly payment (excluding escrowed taxes and insurance). A a H 63°F Clear A (8)
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