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The price of a home is $162,000. The bank requires a 40% down payment and three points at the time of closing. The cost of
The price of a home is $162,000. The bank requires a 40% down payment and three points at the time of closing. The cost of the home is financed with a 20-year fixed-rate mortgage at *0% compounded monthly. a. Find the required down payment. $9720 b. Find the amount of the mortgage. S c. How much must be paid for the three points at closing? $ (Round to the nearest dollar) d. Find the monthly payment (excluding escrowed taxes and insurance). $ (Round to the nearest dollar) e. Find the total cost of interest over 20 years. Use the rounded answer from above as your payment $
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