The Fritzes are buying a house that sells for $152,000. The bank is requiring a minimum down payment of 15%. To obtain a 20-year mortgage at 8.0% interest, they must pay 4 points at the time of closing.a) Determine the required down payment.b) Determine the amount of the mortgage on the property with the 15% down payment.c) Find the cost of 4 points on the mortgage.

The Fritzes are buying a house that sells for $152,000. The bank is requiring a minimum down payment of 15%. To obtain a 20-year mortgage at 8.0% interest, they must pay 4 points at the time of...

The Fritzes are buying a house that sells for

$152,000.

The bank is requiring a minimum down payment of

15%.

To obtain a

20-year

mortgage at

8.0%

interest, they must pay

points at the time of closing.

a) Determine the required down payment.

b) Determine the amount of the mortgage on the property with the

15%

down payment.

c) Find the cost of

points on the mortgage.

Jun 04, 2022