The price of a condominium is $132,000. The bank requires a 5% down payment and one point at the time of closing. The cost of

Question

The price of a condominium is $132,000. 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 8.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below.

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