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The price of a home is $400,000. The mortgage company requires a downpayment of 20% and 1 point at the time of closing for a 30-year loan at a rate of4.25%. The closing costs of $7,500 and the points cannot
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The price of a home is $400,000. The mortgage company requires a downpayment of 20% and 1 point at the time of closing for a 30-year loan at a rate of4.25%. The closing costs of $7,500 and the points cannot be included in the loan.(a) Find the down payment.(b) Find the amount financed.(c) How much must be paid at the time of closing?(d) Find the monthly payment.(e) Find the total cost of interest.(f) How much of the principal was repaid in the first payment?

User Li Fumin
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(a) down payment = 0.20*400000=80000
User Jason Roselander
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