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 [₁₁] -nt7 b. Find the amount of the mortgage. $144400 *** c. How much must be paid for the one point at closing? $ 1444 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance).

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 [₁₁] -nt7 b. Find the amount of the mortgage. $144400 *** c. How much must be paid for the one point at closing? $ 1444 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance).

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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