The price of a condominium is $137000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 6.5 %. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below.

The price of a condominium is $137,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30 -year fixedrate mortgage at 6.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT=[1(1+nr)nt]P(nr) a. Find the required down payment. $ b. Find the amount of the mortgage. $ c. How much must be paid for the one point at closing? $ (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). \$4. (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $