1. The price of a home is $400,000. The mortgage company requires a down payment of 20% and 1 point at the time of closing for a 30-year loan at a rate of 4.25%. The closing costs of $7,500 and the points cannot be included in the loan. (a) Find the down payment. (b) Find the amount financed. (c) How much must be paid at the time of closing? (d) Find the monthly payment. (e) Find the total cost of interest. (f) How much of the principal was repaid in the first payment?

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