The price of a condominium is 109 000 The bank requires a 5

Last updated: 10/13/2023

The price of a condominium is 109 000 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 7 Use the following formula to determine the regular payment amount Complete parts a through e below PMT P nt 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 his 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 Dound to the nearest dollar as needed