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The Fritzes are buying a house that sells for 113,000. The bank is requiring a minimum down payment of 15%. To obtain a 30-year mortgage
The Fritzes are buying a house that sells for 113,000. The bank is requiring a minimum down payment of 15%. To obtain a 30-year mortgage at 11.5% interest, they must pay 3 points at the time of closing.
a) The required down payment is $___.
b) The mortgage on the property is $____.
c) The cost of the 3 points on the mortgage is $____.
(Round to the nearest dollar asneeded.)
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