Question content area top

Part 1

The price of a condominium is ​$137 comma 000. The bank requires a​ 5% down payment and one point at the time of closing. The cost of the condominium is financed with a​ 30-year fixed-rate mortgage at 10​%. Use the following formula to determine the regular payment amount. Complete parts​ (a) through​ (e) below.PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndEndFractionQuestion content area bottomPart 1a. Find the required down payment.​$

  

6850

Part 2

b. Find the amount of the mortgage.

​$  130150Part 3c. How much must be paid for the one point at​ closing?​$

  

1302

​(Round to the nearest dollar as​ needed.)

Part 4

d. Find the monthly payment​ (excluding escrowed taxes and​ insurance).

​$  enter your response here​(Round to the nearest dollar as​ needed.)

asked by guest
on Nov 17, 2024 at 4:43 am



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