Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $244,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is nt financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e) below. a. Find the required down payment. $ b. Find the amount of the mortgage. $ c. How much must be paid for the three points at closing? $ (Round to the nearest dollar as needed.)

Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $244,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is nt financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e) below. a. Find the required down payment. $ b. Find the amount of the mortgage. $ c. How much must be paid for the three points at closing? $ (Round to the nearest dollar as needed.)

Name: Need all questions solution Use PMT =to determine the regular payment
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Description: Need all questions solution Use PMT =to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $244,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home isntfinan

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 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...

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