The price of a condominium is $152,000. 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 7%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA PMT= -nt7 $ 1444 (Round to the nearest dollar as needed.) ... d. Find the monthly payment (excluding escrowed taxes and insurance). $ 961 (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. S Clear
The price of a condominium is $152,000. 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 7%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PA PMT= -nt7 $ 1444 (Round to the nearest dollar as needed.) ... d. Find the monthly payment (excluding escrowed taxes and insurance). $ 961 (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. S Clear
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...
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![The price of a condominium is $152,000. 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 7%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
PA
[-]
+
$ 1444
(Round to the nearest dollar as needed.)
d. Find the monthly payment (excluding escrowed taxes and insurance).
$ 961
(Round to the nearest dollar as needed.)
69 D
e. Find the total cost of interest over 30 years.
$7
64°F Clear
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(8)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6030cbbc-dba6-4cc4-b2c7-5d66af95ec0b%2F60b40df7-e081-42b8-b796-28f392fa088f%2F0rgwo55_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The price of a condominium is $152,000. 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 7%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
PA
[-]
+
$ 1444
(Round to the nearest dollar as needed.)
d. Find the monthly payment (excluding escrowed taxes and insurance).
$ 961
(Round to the nearest dollar as needed.)
69 D
e. Find the total cost of interest over 30 years.
$7
64°F Clear
<
(8)
![The price of a condominium is $152,000. 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 7%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
69
P
(2)
[₁(₁+)]
77
$1444
(Round to the nearest dollar as needed.)
1-
d. Find the monthly payment (excluding escrowed taxes and insurance).
$ 961
(Round to the nearest dollar as needed.)
e. Find the total cost of interest over 30 years.
a
nt
S
64°F Clear
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6030cbbc-dba6-4cc4-b2c7-5d66af95ec0b%2F60b40df7-e081-42b8-b796-28f392fa088f%2Fehhmauk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The price of a condominium is $152,000. 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 7%. Use the following formula to
determine the regular payment amount. Complete parts (a) through (e) below.
PMT=
69
P
(2)
[₁(₁+)]
77
$1444
(Round to the nearest dollar as needed.)
1-
d. Find the monthly payment (excluding escrowed taxes and insurance).
$ 961
(Round to the nearest dollar as needed.)
e. Find the total cost of interest over 30 years.
a
nt
S
64°F Clear
4
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