1) Adam wants to buy a home priced at $215,000. The bank requires him to make a 5% down payment and
he will finance the rest for 30 years at 4.5% interest. He has to also pay the closing costs below. Find the
a) the down payment b) the amount of the mortgage c) the closing costs d) the amount financed with
closing costs e) the monthly payment f) the total amount repaid g) the amount paid to interest.
Application Fee
Borrower's Credit check
Points
Appraisal Fee
Title Search
Title Insurance
Attorney Fee
Documentation stamp
Processing fee
$ 25
65
1.5% of Mortgage
350
215
450
400
0.30% of Mortgage
1.25% of Mortgage