Concept explainers
Adam Marsh is purchasing a $134,000 condominium apartment. The down payment is
Appraisal fee | $165 |
Credit report | $75 |
Attorney’s fees | $490 |
Roof inspection | $50 |
Termite inspection | $88 |
Title search | $119 |
Mortgage insurance premium | 1.2% of amount financed |
Documentary stamps | of amount financed |
As Adam’s real estate agent, he has asked you the following questions:
a. What is the total monthly PITI of the mortgage loan?
b. What is the total amount of interest that Adam will pay on the loan?
c. How much is due at the time of the closing?
d. If the sellers are responsible for the
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Contemporary Mathematics for Business and Consumers