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The price of a condominium is $82,000. The bank requires a 5% down payment and one pont at the time of closing. The cost of
The price of a condominium is $82,000. The bank requires a 5% down payment and one pont at the time of closing. The cost of the condominium is franced with a 30 -year fixed-rate mongage at 8.5\%. Use the following formula to determine the regular payment amount. Conplete parts (e) through (e) below. PMT=[1(1+nt)nT]P(nr) a. Find the required down payment. b. Find the amoun of the morfpuge c. How much mus' be pad tor the one pont at closing? (Round to the nswest dolar as newed.) d. Find the monthly payment (enclusing escrowes tares and inuranise) (Round to the newest dolar in needed) -. Find the todar cost of ithernut over a0 yean. (Fhound to the rearevi dolar as raeded)
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