You want to buy a $190,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.45% interest for the rest. The bank will charge 3 points on the amount financed. a) What is the amount of the down payment? $ b) How much is the loan amount going to be? $ c) What will be the amount charged for 3 points? $ d) Find the amount of the monthly payment.

You want to buy a $190,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.45% interest for the rest. The bank will charge 3 points on the amount financed. a) What is the amount of the down payment? $ b) How much is the loan amount going to be? $ c) What will be the amount charged for 3 points? $ d) Find the amount of the monthly payment.

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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