The price of a condominium is $187,000. 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 determine the regular payment amount. Complete parts (a) through (e) below. PMT = - nt 1- c. How much must be paid for the one point at closing? $1776 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurahce). (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $179426 (Round to the nearest dollar as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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The price of a condominium is $187,000. 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 me
determine the regular payment amount. Complete parts (a) through (e) below
PMT=
nt
1-1
c. How much must be paid for the one point at closing?
$ 1776
(Round to the nearest dollar as needed.)
d. Find the monthly payment (excluding escrowed taxes and insurance).
(Round to the nearest dollar as needed.)
e. Find the total cost of interest over 30 years.
$179426
(Round to the nearest dollar as needed.)
Enter your answer in each of the answer boxes,
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Transcribed Image Text:The price of a condominium is $187,000. 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 me determine the regular payment amount. Complete parts (a) through (e) below PMT= nt 1-1 c. How much must be paid for the one point at closing? $ 1776 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $179426 (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxes, 81°F Mostly cloudy P Type here to search DELL Insert F10 F11 F12 F7 F8 F9
The price of a condominium is $187,000. 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 6.5%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT =
a. Find the required down payment.
$9350
b. Find the amount of the mortgage.
$177650
c. How much must be paid for the one point at closing?
$1776
(Round to the nearest dollar as needed.)
d. Find the monthly payment (excluding escrowed taxes and insurance).
More
Enter your answer in each of the answer boxes.
11:12 PM
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Transcribed Image Text:The price of a condominium is $187,000. 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 6.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT = a. Find the required down payment. $9350 b. Find the amount of the mortgage. $177650 c. How much must be paid for the one point at closing? $1776 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). More Enter your answer in each of the answer boxes. 11:12 PM O Type here to search 81°F Mostly cloudy 22 99+ 6/30/2021 DELL F3 F4 FS F6 F7 F8 F9 F10 F11 F12 PrtScr Insert Delete కలnn Home Num $4 %24 & Backspace 8. R T K Enter (凸)
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