You want to buy a $280000 home. You plan to pay $56000 as a down payment, and take out a 15 year loan at 3.5% interest for the rest. a) What is the amount of the payment? b) If the bank charges 3...

You want to buy a $280000 home. You plan to pay $56000 as a down payment, and take out a 15 year loan at 3.5% interest for the rest.

a) What is the amount of the payment?

b) If the bank charges 3 points on the loan, what is the amount charged for points?