The price of a condominium is $81,000. 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. PA PMT= nt a. Find the required down payment. b. Find the amount of the mortgage. $ ……. c. How much must be paid for the one point at closing? a Q LOC · "" VESZ
The price of a condominium is $81,000. 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. PA PMT= nt a. Find the required down payment. b. Find the amount of the mortgage. $ ……. c. How much must be paid for the one point at closing? a Q LOC · "" VESZ
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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2.1: Answer A,B,C,D,and E questions
Transcribed Image Text:The price of a condominium is $81,000. 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.
PA
PMT=
nt
a. Find the required down payment.
b. Find the amount of the mortgage.
$7
c. How much must be paid for the one point at closing?
a
Q L D C ·
H
Transcribed Image Text:The price of a condominium is $81,000. 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.
PA
PMT=
-nt
(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.
QLDC
a
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