This Quiz: 27 pts possib he price of a condominium is S9200 30-year fixed-rate m

Question

This Quiz: 27 pts possib he price of a condominium is S9200 30-year fixed-rate mortgage at 9 5% The bank requires a 5% down payment and one point at the t me of closing The cost of the condominiums financed with a a. Find the required down payment b. Find the amount of the mortgage c. How much must be paid for the one point at closing? (Round to the nearest dollar as needed ) d. Find the monthly payment (excluding escrowed taxes and insurance) (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years Round to the nearest dollar as needed)

Explanation / Answer

a) The down payment=5% of $92,000

=$4,600

b) The amount of Mortgage = 9.5% of $92,000

=$8,740

c) one point at closing= 1% of $92,000

= $920

d) Monthly payment =down payment + Monthly interest

=$4600 +$291 ## $8740/30

=$4,891

e) Total cost of interest over 30 years = $186,490.91 ## by using loan calculator

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