The Fritzes are buying a house that sells for
$123,000
. The bank is requiring a minimum down payment of
10%
. To obtain a 40 -year mortgage at
10.0%
interest, they must pay 3 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the
10%
down payment. c) Find the cost of 3 points on the mortgage. a) The required down payment is
$
◻
b) The mortgage on the property is
$
◻
c) The cost of the 3 points on the mortgage is
$
◻
(Round to the nearest dollar as needed.)