The price of a condominium is $157,000. 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 8.5%. Use the follow ng formula to determine the regular payment amount. Complete par a hour e below P(A) PMT 1-1

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A: The given problem can be solved using PMT function in excel. PMT function computes installment…

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A: Information Provided: Price = $475,000 Term = 30 years Interest = 5.54% Down payment = 25%

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Q: 1. Suppose that 10 years ago you bought a home for $160,000, paying 10% as a down payment, and…

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Q: on B (Use the answer from part a to find these answers. Round to the nearest cent as​ needed.)

A: P = $ 150,000r = 3% = 0.03n = 12 (months in a year)t = 40 years

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A: given, loan amount =$152,700 no of year =30 interest rate =3.89%

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Q: Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.54% interest. Suppose…

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Q: borrow $400,000 from Bank of America on a 30-year mortgage at 6% interest rate. a. What would Tim's…

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A: First Blank Loan = Home price *(1- Down payment) Loan = $320,000 *(1-10%) Loan = $288,000

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Q: Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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