You want to buy a $170000 home. You plan to pay $51000 as a down payment, and take out a 15 year loan at 5.25% interest for the rest. After 6 years, you decide to pay off the entire loan. a) What is...

You want to buy a $170000 home. You plan to pay $51000 as a down payment, and take out a 15 year loan at 5.25% interest for the rest. After 6 years, you decide to pay off the entire loan.


a) What is the amount of the payment?


$

b) What is the outstanding principal after 6 years?


$


c) If the bank charges 2 points on the loan, what is the amount charged for points?


$


d) If the bank charges 2 points on the loan, what is the true interest rate?


$

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