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Part 1

The price of a condominium is $188,000.

The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9%.

Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below.

PMT=Prn11+rnnt

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Part 1

a. Find the required down payment.

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Part 2

b. Find the amount of the mortgage.

$enter your response here

Part 3

c. How much must be paid for the one point at closing?

$enter your response here

(Round to the nearest dollar as needed.)

Part 4

d. Find the monthly payment (excluding escrowed taxes and insurance).

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(Round to the nearest dollar as needed.)

Part 5

e. Find the total cost of interest over 30 years.

$enter your response here

(Round to the nearest dollar as needed.)