The price of a condominium is $187,000. 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 determine the regular payment amount. Complete parts (a) through (e) below. PMT = - nt 1- c. How much must be paid for the one point at closing? $1776 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurahce). (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $179426 (Round to the nearest dollar as needed.)

The price of a condominium is $187,000. 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 determine the regular payment amount. Complete parts (a) through (e) below. PMT = - nt 1- c. How much must be paid for the one point at closing? $1776 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurahce). (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $179426 (Round to the nearest dollar as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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