Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
You want to buy a $195,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 3.45%
You want to buy a $195,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 3.45% interest for the rest. The bank will charge 1.5 points on the amount financed. a) What is the amount of the down payment? $ 39000 b) How much is the loan amount going to be? 156000 c) What will be the amount charged for 1.5 points? d) Find the amount of the monthly payment. 696.16
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e3242a95e5_586669e32424fe1e.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started