You want to buy a $180,000 home. You plan to pay 15% as a down payment, and take out a 30-year loan at 4.45% for the rest. The bank requires 3 points at closing. (a) How much is the loan amount going to be? $153000 (b) How much are the closing costs? $4590 (c) What will your monthly payments be? (d) How much will you pay in interest over the life of the loan?
You want to buy a $180,000 home. You plan to pay 15% as a down payment, and take out a 30-year loan at 4.45% for the rest. The bank requires 3 points at closing. (a) How much is the loan amount going to be? $153000 (b) How much are the closing costs? $4590 (c) What will your monthly payments be? (d) How much will you pay in interest over the life of the loan?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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Question
You want to buy a $180,000 home. You plan to pay 15% as a down payment, and take out a 30-year loan at 4.45% for the rest. The bank requires 3 points at closing.
(a) How much is the loan amount going to be? $153000
(b) How much are the closing costs? $4590
(c) What will your monthly payments be?
(d) How much will you pay in interest over the life of the loan?
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