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 4.65% interest for the rest. The bank will charge 1.5 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going b be? c) What will be the amount charged for 1.5 points? 1 point is 1 % of the mortgage amount [2. ) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) int: click here

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 4.65% interest for the rest. The bank will charge 1.5 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going b be? c) What will be the amount charged for 1.5 points? 1 point is 1 % of the mortgage amount [2. ) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) int: click here

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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