The price of a home is $260,000. The bank requires a 20% down payment and threepoints at the time of closing. The cost of the home is financed with a 15-year fixed-rate mortgage at 6%.

a. Find the required down payment.

b. Find the amount of the mortgage.

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

d. Find the total interest over 15 years, to the nearest dollar.

A.

a. down payment: $52,000

b. amount of mortgage: $208,000

c. points paid at closing: $6,240

d. total interest over 15 years: $107,900

B.

a. down payment: $44,200

b. amount of mortgage: $215,800

c. points paid at closing: $7,800

d. total interest over 15 years: $107,900

C.

a. down payment: $52,000

b. amount of mortgage: $208,000

c. points paid at closing: $7,800

d. total interest over 15 years: $55,900

D.

a. down payment: $52,000

b. amount of mortgage: $208,000

c. points paid at closing: $6,240

d. total interest over 15 years: $315,900