Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. use pmt- to determine the regular payment amount,

Use PMT- to determine the regular payment amount, rounded to the nearest dollar. The price...

60.1K

Verified Solution

Question

Finance

image
Use PMT- to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $125,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 10% 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 nooded) d. Find the monthly payment (excluding escrowed taxes and insurance) $ (Round to the nearest dollar as needed) e. Find the total cost of interest over 30 years (Round to the nearest dollar as needed)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students