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Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $ 2 8 3 , 0 0 0 . Her bank requires a 2
Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $ Her bank requires a down payment. Sue Willis, an attorney, has notified Sharon that besides the down payment there will be the following additional costs: Use Table
Recording of the deed $
A credit and appraisal report
Preparation of appropriate documents
Other closing expenses include a transfer tax of of the purchase price and a loan origination fee of of the mortgage amount Assume a year mortgage at a rate of
What is the initial amount of cash Sharon will need?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
What is her monthly payment?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
What is the total cost of interest over the life of the mortgage?
Note: Use days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
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