1. A local developer is selling homes for $125,000 witha required down payment of 6%. Find the amount of the required downpayment and the mortgage.
2. A couple obtained a loan for $130,000 to purchasetheir home. How much would the loan origination fee be if thecouple had to pay 3 points on the loan. (Loan origination fee =Mortgage * Points).
3. New houses in a neighborhood are selling for$175,000. A down payment of $18,000 is required and a 25-yearmortgage at an annual interest rate of 8% is available. Find themonthly mortgage payment.
4. The monthly mortgage payment on a house is $824.36,and the homeowner must pay an annual property tax of $930. Find thetotal monthly payment for the mortgage and the propertytax.
