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(Solved): The Fritzes are buying a house that sells for $123,000. The bank is requiring a minimum down payment ...
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.)
