Use PMT P nt to determine the regular payment amount rounded

Last updated: 10/10/2023

Use PMT P nt to determine the regular payment amount rounded to the nearest dollar The price of a home is 125 000 The bank requires a 20 down payment and three points at the time of closing The cost of the home is financed with a 30 year fixed rate mortgage at 10 Complete parts a through e below a Find the required down payment b Find the amount of the mortgage c How much must be paid for the three points 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