# The price of a condominium is $175,000.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 following formula to determine the regular payment amount. Complete parts​ (a) through​ (e) below. PMT = = P(r/n)/1-(1+r/n)^-nt a. Find the required down payment. b. Find the amount of the mortgage. c. How much must be paid for the one point at​ closing?​(Round to the nearest dollar as​ needed.) d. Find the monthly payment​ (excluding escrowed taxes and​ insurance).​(Round to the nearest dollar as​ needed.) e. Find the total cost of interest over 30 years.​(Round to the nearest dollar as​ needed.) Question The price of a condominium is$175,000.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 following formula to determine the regular payment amount. Complete parts​ (a) through​ (e) below.

PMT = = P(r/n)/1-(1+r/n)^-nt

a. Find the required down payment.

b. Find the amount of the mortgage.

c. How much must be paid for the one point at​ closing?​(Round to the nearest dollar as​ needed.)

d. Find the monthly payment​ (excluding escrowed taxes and​ insurance).​(Round to the nearest dollar as​ needed.)

e. Find the total cost of interest over 30 years.​(Round to the nearest dollar as​ needed.)

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