9.8 Q1

-- Use PMT to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $155,000. The bank requires a 20% - down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 7% Complete parts (a) through () below b. Find the amount of the mortgage 5 124 000 c. How much must be paid for the three points at closing? $ 3720 (Round to the nearest dollar as needed) d. Find the monthly payment (excluding escrowed taxes and insurance). $ 825 (Round to the nearest dollar as needed) e. Find the total cost of interest over 30 years. (Round to the nearest dollar as needed.)