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The price of a condominium is $105,000. The bank requires a 5% down payment and one point at the time of closing. The cost of
The price of a condominium is $105,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with 30-year fixed-rate mortgage at 9.5%. Find the required down payment. $ Find the amount of the mortgage. $ How much must be paid for the one point at closing? $ (Round to the nearest dollar as needed.) Find the monthly payment (excluding escrowed taxes and insurance). $ (Round to the nearest dollar as needed.) Find the total cost of interest over 30 years. $ Enter your answer in each of the answer boxes
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