3. Jewels offer of $150,000 for her first home has been accepted. She will make a down...

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3. Jewel’s offer of $150,000 for her first home has been accepted.

She will make a down payment of 10%. Applied to the loan amount will be the bank’s loan-origination fee of 1% of the loan and a charge of 1.5 points. Other fees include a $50 loan-application fee, a $300 appraisal fee, and $750 for a title search and insurance. How much cash will Jewel need at the closing? Will she need private mortgage insurance (PMI)? (LO 7-3)

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Personal Finance Building Your Future

ISBN: 9780077861728

2nd Edition

Authors: Robert Walker, Kristy Walker

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