Question

Save HW Score: 0%, 0 of 10 pts Homework: Problem set 6 Score: 0 of 1 pt 1 of 10 (0 complete) 8.7.1 pl) 5 Question Help Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $172,000. 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 9%. Complete parts (a) through (e) below. a. Find the required down payment $

Answer 1

the price of a home is $179,000 The bank requires a 200% down paymend and three points at the time of closing Down payment is 2007. of 172,00 O = 20 x 172000 = $34,400 3 point means 3.1 of a mount financed has to be paid at closing = 3% of (80% of 172,00) -30% (80 x 172000) -30% (137600) = 0.03. 137600 total amount to be paid =4128 at closing = 34,400+4198 : $ 38,528.