The Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from

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The Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from the sale of their current house. To obtain a 15-year mortgage at a 4.5% interest rate, the Nicols must pay 1.5 points at the time of closing.

(a) What is the amount of the mortgage?

(b) What is the cost of the 1.5 points?

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A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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Question Posted: Jan 28, 2019 08:09 AM

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The Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from

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A Survey of Mathematics with Applications

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