The price of a home is $120,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at

7%.

a.Find the required down payment.

$

b.Find the amount of the mortgage.

$

c.How much must be paid for the three points at closing?

$

(Round to the nearest dollar as needed.)

d.Find the monthly payment (excluding escrowed taxes and insurance).

$

(Round to the nearest dollar as needed.)

e.Find the total cost of interest over 30 years.

$

(Round to the nearest dollar as needed.)