d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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25. Part D
You want to buy a $145,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at
6.25% interest for the rest. The bank will charge 3 points on the amount financed.
a) What is the amount of the down payment?
$ 29000
b) How much is the loan amount going to be?
116000
c) What will be the amount charged for 3 points?
*1 point is 1 % of the mortgage amount
S 3480
d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount)
Hint: click here
Transcribed Image Text:You want to buy a $145,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 6.25% interest for the rest. The bank will charge 3 points on the amount financed. a) What is the amount of the down payment? $ 29000 b) How much is the loan amount going to be? 116000 c) What will be the amount charged for 3 points? *1 point is 1 % of the mortgage amount S 3480 d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here
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