$8$

$1$ point

For this question, ignore monthly home insurance premiums and property taxes.

The local bank charges a loan origination fee of $0\mathrm{.}5$ points on the mortgage loan balance and requires a down payment of $20\%$ of the home's purchase price to avoid private mortgage insurance $($PMI$).$ Nico needs your help estimating the total amount of cash that the bank would require him to have in order to purchase a home with a value $$1,450,000\mathrm{.}00.$

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