The price of a condominium is 188 000 The bank requires a 5

Last updated: 10/10/2023

The price of a condominium is 188 000 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 9 5 Use the following formula to determine the regular payment amount Complete parts a through e below PMT P 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