Question 13

PH] [+31] The price of a home is $260,000. The bank requires a 5% down payment and three points at the time of closing. The cost of the home is nanced with a 15year xed-rate mortgage at 15%. a. Find the required down payment. [1. Find the amount of the mortgage. 5. How much must be paid for the three points at closrng'? d. Find the total interest over 15 years, to the nearest dollar. Use PMT : to determine the payment amount. Round to the nearest dollar. 0 A. a. down payment: $13,000 O B. a. down payment: $5,200 b. amount of mortgage: $247,000 b. amount of mortgage: $254,800 :3. points paid at closing: $1800 :3. points paid at closing: $?,800 d. total interest over 15 years: $152,200 d. total interest over 15 years: $165,200 0 C. a. down payment: $13,000 0 D. a. down payment: $13,000 b. amount of mortgage: $241000 b. amount of mortgage: $247,000 5. points paid at closing: $7,410 5. points paid at closing: $?,410 d. total interest over 15 years: $412,200 d. total interest over 15 years: $165,200