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I just need help in finding the answer for C. The Fritzes are buying a house that sells for $118,000. The bank is requiring a
I just need help in finding the answer for C.
The Fritzes are buying a house that sells for $118,000. The bank is requiring a minimum down payment of 10%. To obtain a 20-year mortgage at 12.5% interest, they must pay 2 points at the time of closing a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 10% down payment. c) Find the cost of 2 points on the mortgage. a) The required down payment is $ 11,800 b) The mortgage on the property is $ 106200 c) The cost of the 2 points on the mortgage is $ (Round to the nearest dollar as needed.) 7Step by Step Solution
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