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4) The price of a home is $235,000. The bank requires a 10% down payment and two points at the time of closing. The cost

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4) The price of a home is $235,000. The bank requires a 10% 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 7%. 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 monthly payment (excluding escrowed taxes and insurance.) Round to the nearest dollar. e) Find the cost of interest over 30 years. a. b. d

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