The price of a home is $270,000. The bank requires a 5% down payment and two points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. a. Find the...

The price of a home is $270,000. The bank requires a 5% down payment and two points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%.

a. Find the required down payment.

b. Find the amount of the mortgage.

c. How much must be paid for the two points at closing?

d. Find the total interest over 30 years, to the nearest dollar.

Use PMT<br>to determine the payment amount. Round to the nearest dollar.<br>%3D<br>- nt<br>

Extracted text: Use PMT to determine the payment amount. Round to the nearest dollar. %3D - nt

Jun 04, 2022

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The price of a home is $270,000. The bank requires a 5% down payment and two points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. a. Find the...

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The price of a home is $270,000. The bank requires a 5​% down payment and two points at the time of closing. The cost of the home is financed with a 30​-year ​fixed-rate mortgage at 6.5​%. a. Find the...

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The price of a home is $270,000. The bank requires a 5% down payment and two points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. a. Find the...