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Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $ 2 7 3 , 0 0 0 . Her bank requires a 3
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:
Recording of the deed $
A credit and appraisal report
Preparation of appropriate documents
In addition, there will be 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
a What is the initial amount of cash Sharon will need? Do not round intermediate calculations. Round your answer to the nearest cent.
b What is her monthly payment? Do not round intermediate calculations. Round your answer to the nearest cent.
c What is the total cost of interest over the life of the mortgage? Do not round intermediate calculations. Round your answer to the nearest cent.
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