The price of the condominium is $126,000. 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 fixed-rate mortgage at 9%. Use the following formula to determine the regular payment amount.

1 00. T Complete parts (a) through (e) below. DUIK ILquics a 3% Uown pa PMT= a. Find the required down payment. $ b. Find the amount of the mortgage. S c. How much must be paid for the one point at closing? S (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). s (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxes. Type here to search