Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $271,000. Her bank requires a 25% down payment. Sue Willis, an attorney, has notified Sharon that besides the 25% down payment there will be the following additional costs:

Recording of the deed	$26.00
A credit and appraisal report	151.00
Preparation of appropriate documents	44.00

In addition, there will be a transfer tax of 1.5% of the purchase price and a loan origination fee of 3% of the mortgage amount. Assume a 30-year mortgage at a rate of 9.5%.

a.	What is the initial amount of cash Sharon will need? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Initial amount

$

b.	What is her monthly payment? (Do not round intermediate calculations.Round your answer to the nearest cent.)

Monthly payment

$

c.	What is the total cost of interest over the life of the mortgage?(Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)

Total cost of interest

$