You want to buy a $130,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 3.6% interest for the rest. The bank will charge 1.5 points on the amount financed. a) What is the amount of the down payment? S 6500 b) How much is the loan amount going to be? 123,500 c) What will be the amount charged for 1.5 points? *1 point is 1 % of the mortgage amount S 1.852.50 d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here Enter a inbeer or dedinal mu er more
You want to buy a $130,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 3.6% interest for the rest. The bank will charge 1.5 points on the amount financed. a) What is the amount of the down payment? S 6500 b) How much is the loan amount going to be? 123,500 c) What will be the amount charged for 1.5 points? *1 point is 1 % of the mortgage amount S 1.852.50 d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here Enter a inbeer or dedinal mu er more
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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PART D
Transcribed Image Text:You want to buy a $130,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at
3.6% interest for the rest. The bank will charge 1.5 points on the amount financed.
a) What is the amount of the down payment?
6500
b) How much is the loan amount going to be?
S 123,500
c) What will be the amount charged for 1.5 points?
1 point is 1 % of the mortgage amount
S 1.852.50
d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount)
Hint: click here
Enter an te rr derinal.mnber foere.
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