The Roths bought a house for $431,700. They paid the sellers a 20% down payment and obtained a simple interest amortized loan for the balance from their bank for the remainder, at 4 7/8% for thirty years. The bank in turn paid the sellers the loan amount, less a 6% sales commission paid to the sellers' and buyers' real estate agents. The bank charged them 2 points plus fees totaling $8,416.57; of these fees, $6,219.58 were included in the finance charge.% (a) Find the loan amount. $ (b) Find the "legal loan amount" –the amount borrowed, according to the Truth in Lending Act. (Round your answer to the nearest cent.) $ (c) Find the Roth's monthly payment. (Round your answer to the nearest cent.) $ (d) Find the APR (round to the nearest hundredth of 1%). % (e) Find the total interest paid. (Round your answer to the nearest cent.) $ (f) Find the total finance charge. (Round your answer to the nearest cent.) $ (g) Find the amount that the sellers are paid for their house. $
The Roths bought a house for $431,700. They paid the sellers a 20% down payment and obtained a simple interest amortized loan for the balance from their bank for the remainder, at
4 7/8% for thirty years. The bank in turn paid the sellers the loan amount, less a 6% sales commission paid to the sellers' and buyers' real estate agents. The bank charged them 2 points plus fees totaling $8,416.57; of these fees, $6,219.58 were included in the finance charge.%
(a) Find the loan amount.
$
(b) Find the "legal loan amount" –the amount borrowed, according to the Truth in Lending Act. (Round your answer to the nearest cent.)
$
(c) Find the Roth's monthly payment. (Round your answer to the nearest cent.)
$
(d) Find the APR (round to the nearest hundredth of 1%).
%
(e) Find the total interest paid. (Round your answer to the nearest cent.)
$
(f) Find the total finance charge. (Round your answer to the nearest cent.)
$
(g) Find the amount that the sellers are paid for their house.
$
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